USD/CAD eases from peaks around 1.3280

The pair moves higher to the 1.3280 region, losing momentum afterwards.
The now soft tone in crude oil is weighing on CAD.
Fed’s VP R.Clarida is due to speak later.

Pablo Piovano FXStreet

USD/CAD has managed to move higher and clinch fresh multi-day peaks in the boundaries of 1.3280, although the up move lost some grip soon afterwards.

USD/CAD looks to oil, USD

Spot is up for the fourth consecutive session so far on Thursday, tracking the positive performance of the greenback and deriving some weakness from softer oil prices.

In fact, the barrel of West Texas Intermediate has faded the initial spike to levels above the $54.00 mark and is now navigating the mid-$53.00s.

Despite the ongoing decline, the prospect for CAD appears constructive in the longer run backed by the recent cautiously optimistic message from BoC’s Governor S.Poloz and Deputy Governor C.Wilkins and forecasts for a recovery in crude oil prices.

Moving forward, CAD will be in centre stage in light of tomorrow’s release of the critical labour market figures for the month of January.

USD/CAD significant levels

As of writing the pair is gaining 0.36% at 1.3260 and a breakout of 1.3279 (high Feb.7) would pave the way for a test of 1.3271 (38.2% Fibo of the October-December rally) and finally 1.3330 (55-day SMA). On the other hand, the next support emerges at 1.3205 (100-day SMA) followed by 1.3182 (10-day SMA) and then 1.3125 (20-0-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 flat lines around 1.1900; looks to US NFP report for fresh directional impetus

The EUR/USD pair is seen oscillating in a narrow trading band around the 1.1900 mark during the Asian session on Wednesday as traders opt to wait for the release of US monthly employment details before placing fresh directional bets.

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 awaits US Nonfarm Payrolls data for a sustained upside

Gold remains capped below $5,100 early Wednesday, gathering pace for the US labor data. The US Dollar licks its wounds amid persistent Japanese Yen strength and potential downside risks to the US jobs report. Gold holds above $5,000 amid bullish daily RSI, with eyes on 61.8% Fibo resistance at $5,141.

Ethereum: Whales buy the dip amid rising short bets

Following one of Ethereum's largest weekly drawdowns, whales are slowly returning to action alongside a drop in retail selling pressure. After slightly selling into the decline at the start of the month, whales or wallets with a balance of 10K-100K ETH began buying the dip last Wednesday as prices crashed further.

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.