USD/CAD bouncing off lows, near 1.3320

Pablo Piovano FXStreet

The greenback is trading on the defensive vs. almost its G10 peers on Monday, with USD/CAD gaining some attention after bottoming out near 1.3310 during overnight trade.

USD/CAD finds support just above 1.3300

Spot seems to be resuming the leg lower after two straight sessions with gains, coming down from Friday’s tops near 1.3380 while last week’s lows near 1.3280 emerges as quite a decent support for the time being.

The continuation of the offered bias around the greenback and the divergence in policy from the Federal Reserve and the Bank of Canada stay as the main drivers behind the pair’s price action, while CAD remains decoupled from crude oil dynamics.

CAD speculative net longs have also retreated to multi-week lows in the week to March 14 as showed by the latest CFTC report, adding some weakness to CAD at the same time.

On the data front, Canadian Wholesale Sales are only due, seconded by US Chicago Fed National Activity Index along with the speech by Chicago Fed C.Evans (voter, dovish).

USD/CAD significant levels

As of writing the pair is down 0.18% at 1.3323 facing the immediate support at 1.3299 (100-day sma) followed by 1.3274 (low Mar.16) and finally 1.3216 (55-day sma). On the other hand, a break above 1.3379 (high Mar.17) would expose 1.3496 (high Mar.14) and finally 1.3536 (2017 high Mar.9).

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 looks offered below 1.1900

EUR/USD keeps its bearish tone unchanged ahead of the opening bell in Asia, returning to the sub-1.1900 region following a firmer tone in the US Dollar. Indeed, the pair reverses two consecutive daily gains amid steady caution ahead of Wednesday’s key US Nonfarm Payrolls release.

GBP/USD slips back to daily lows near 1.3640

GBP/USD drops to daily lows near 1.3640 as sellers push harder and the Greenback extends its rebound in the latter part of Tuesday’s session. Looking ahead, the combination of key US releases, including NFP and CPI, alongside important UK data, should keep the pound firmly in focus over the coming days.

Gold the battle of wills continues with bulls not ready to give up

Gold remains on the defensive and approaches the key $5,000 region per troy ounce on Tuesday, giving back part of its recent two day. The precious metal’s pullback unfolds against a firmer tone in the US Dollar, declining US Treasury yields and steady caution ahead of upcoming key US data releases.

Bitcoin's downtrend caused by ETF redemptions and AI rotation: Wintermute

Bitcoin's (BTC) fall from grace since the October 10 leverage flush has been spearheaded by sustained ETF outflows and a rotation into the AI narrative, according to Wintermute.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.