USD/CAD bounces off lows, retakes 1.3050

Pablo Piovano FXStreet

After dropping to the 1.3030 in early trade, USD/CAD has now retaken the mid-1.3000s ahead of the US open.

USD/CAD attention to US docket

The pair remains in the area of weekly lows just above the psychological 1.3000 handle so far today, always against the backdrop of a broad-based correction lower in the greenback after the recent Yellen-led rally.

Spot keeps the choppy trade for the time being, struggling for direction while neither US-CA yield spreads nor crude oil dynamics emerge as a definitive catalyst for the price action. The barrel of West Texas Intermediate is extending its sideline theme around the $53.00 mark despite the recent large builds in US crude supplies as reported by the API (Tuesday) and EIA (Wednesday).

Next on tap, US Housing Starts, Building Permits and the Philly Fed manufacturing index should keep the attention on the buck.

USD/CAD significant levels

As of writing the pair is losing 0.30% at 1.3041 facing the next support at 1.3022 (low Feb.14) seconded by 1.3016 (low Jan.17) and then 1.2967 (low Jan.31). On the other hand, a surpass of 1.3109 (20-day sma) would aim for 1.3121 (high Feb.15) and finally 1.3144 (200-day sma).

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 keeps the rangebound trade near 1.1850

EUR/USD is still under pressure, drifting back towards the 1.1850 area as Monday’s session draws to a close. The modest decline in spot comes as the US Dollar picks up a bit of support, while thin liquidity and muted volatility, thanks to the US market holiday, are exaggerating price swings and keeping trading conditions choppy.

GBP/USD flirts with daily lows near 1.3630

GBP/USD has quickly given back Friday’s solid gains, turning lower at the start of the week and drifting back towards the 1.3630 area. The focus now shifts squarely to Tuesday’s UK labour market report, which is likely to keep the quid firmly in the spotlight and could set the tone for Cable’s next move.

Gold battle around $5,000 continues

Gold is giving back part of Friday’s sharp rebound, deflating below the key $5,000 mark per troy ounce as the new week gets underway. Modest gains in the US Dollar are keeping the metal in check, while thin trading conditions, due to the Presidents Day holiday in the US, are adding to the choppy and hesitant tone across markets.

AI Crypto Update: Bittensor eyes breakout as AI tokens falter

The artificial intelligence (AI) cryptocurrency segment is witnessing heightened volatility, with top tokens such as Near Protocol (NEAR) struggling to gain traction amid the persistent decline in January and February.

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.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.