USD/CAD advances to highs near 1.3380, data, EIA eyed

Pablo Piovano FXStreet

The Canadian dollar is depreciating further vs. its American neighbour on Wednesday, with USD/CAD now inching higher to the 1.3380 area.

USD/CAD focus on data, EIA

The pair has reverted the initial knee-jerk to the vicinity of 1.3330 following another retracement in crude oil prices.

In fact, the barrel of West Texas Intermediate is down nearly 1.6% and is currently challenging the $49.00 key support, removing tailwinds from CAD at the same time.

In the meantime, the selling bias remains quite firm around the buck following some profit taking after recent strong gains, while poll results showing US Republican presidential candidate D.Trump leading the intention vote in Florida could have also collaborated with the downside.

Ahead in the NA session, the US DoE’s weekly report on crude oil inventories is due, along with Services PMI, New Home Sales and Goods Trade Balance.

USD/CAD significant levels

As of writing the pair is advancing 0.13% at 1.3368 and a breakout of 1.3398 (high Oct.24) would open the door to 1.3575 (50% Fibo of the 2016 drop) and finally 1.3839 (61.8% Fibo of the 2016 drop). On the other hand, the initial support emerges at 1.3210 (20-day sma) ahead of 1.3142 (200-day sma) and then 1.3002 (low Oct.19).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD remains offered below 1.1800, looks at US data

EUR/USD is still trading on the defensive in the latter part of Thursday’s session, while the US Dollar maintains its bid bias as investors now gear up for Friday’s key release of the PCE data, advanced Q4 GDP prints and flash PMIs.

GBP/USD bounces off monthly lows near 1.3430

GBP/USD is sliding in tandem with its risk-sensitive peers, drifting back towards the 1.3430 area, its lowest levels in the month. The move reflects a firmer Greenback, supported by another round of solid US data and a somewhat divided FOMC Minutes.

Gold drifts higher to near $5,000 on heightened US-Iran tensions

Gold price holds positive ground near $5,000 during the early Asian session on Friday. The precious metal edges higher as escalating tensions between the United States and Iran boost safe-haven demand. Traders brace for the preliminary reading of US Gross Domestic Product for the fourth quarter, the Personal Consumption Expenditures and the S&P Global Purchasing Managers Index data, which are due later on Friday.

Ethereum: Active addresses halt growth as US selling pressure eases

Ethereum network growth has declined after two months of explosive increase. US selling pressure has eased following an improvement in the Coinbase Premium Index. ETH extends its range-bound move below the $2,107 resistance and above $1,740 .

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.