USD/CAD: based on 1.27, eyes a pop to 1.2820 resistance

Ross J Burland FXStreet

USD/CAD has spiked on the back of weaker oil prices yet again. Currently, USD/CAD is trading at 1.2776, up 0.32% on the day, having posted a daily high at 1.2792 and low at 1.2712. WTI has dropped from 55.71 to 55.07, supported, so far, by the 4-4hr 100 SMA at 55.12.

Canada existing home sales for October were up just +0.9% vs the previous 2.1%, while home sales fall -4.3% versus a year ago. For the greenback, the US CPI data came in as expected while retail sales came in better inclusive of revisions. Empire manufacturing was, however, weaker than expectations. The DXY has been climbing back towards 93.80, off fro the session lows down at 93.40.

US: CPI for all items increases 0.1% in October as shelter index rises

USD/CAD levels

Analysts at Scotiabank argued that momentum signals are neutral, trend strength is muted, and USD/CAD is stuck in a relatively tight range on the 1.2700 handle. Near-term resistance is expected at 1.2820. Support is expected between 1.2650 and 1.2620. The FXStreet Technical Confluences Indicator highlights the 1.2820 as the 61.8% and swing-high from Nov 7th business.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

EUR/USD recedes to daily lows near 1.1850

EUR/USD keeps its bearish momentum well in place, slipping back to the area of 1.1850 to hit daily lows on Monday. The pair’s continuation of the leg lower comes amid decent gains in the US Dollar in a context of scarce volatility and thin trade conditions due to the inactivity in the US markets.

GBP/USD resumes the downtrend, back to the low-1.3600s

GBP/USD rapidly leaves behind Friday’s decent advance, refocusing on the downside and retreating to the 1.3630 region at the beginning of the week. In the meantime, the British Pound is expected to remain under the microscope ahead of the release of the key UK labour market report on Tuesday.

Gold looks inconclusive around $5,000

Gold partially fades Friday’s strong recovery, orbiting around the key $5,000 region per troy ounce in a context of humble gains in the Greenback on Monday. Additing to the vacillating mood, trade conditions remain thin amid the observance of the Presidents Day holiday in the US.

Bitcoin consolidates as on-chain data show mixed signals

Bitcoin price has consolidated between $65,700 and $72,000 over the past nine days, with no clear directional bias. US-listed spot ETFs recorded a $359.91 million weekly outflow, marking the fourth consecutive week of withdrawals.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

Monero Price Forecast: XMR risks a drop below $300 under mounting bearish pressure

Monero (XMR) starts the week under pressure, recording a 4% decline at press time on Monday after a 7% drop the previous day, putting the $300 support zone in focus.