USD/CAD falls to 1.3310 on EIA report and rebounds

Matías Salord FXStreet

USD/CAD dropped quickly to 1.3313, hitting a fresh daily low but then it bounced to the upside, easing most of the losses.

The pair was trading around 1.3365 and dropped sharply to the lows after the release of EIA crude oil inventories report that showed a decrease of more than 0.553 million barrels during last week versus a forecast of an increase by nearly 1.7 million barrels. The price of crude oil jumped boosting the Loonie.

From 1.3310/15 the pair rebounded and it was trading at 1.3350/58, marginally higher for the day, but still below the level it had before the EIA report. Earlier it peaked at 1.3380. Price continues to consolidate around the 1.3340/70 area, confirming last week gains.

Technical leves

To the upside, resistance level might be located at 1.3380 (daily high) followed by the key 1.3400 handle. On the opposite direction, support now could be seen at 1.3310/15 (daily low / 100-hour moving average), 1.3300 and 1.3275 (Oct 25 low).

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

EUR/USD challenges 1.1800, two-week lows

EUR/USD remains on the defensive, extending its leg lower to the vicinity of the 1.1800 region, or two-week lows, on Tuesday. The move lower comes as the US Dollar gathers further traction ahead of key US data releases, inclusing the FOMC Minutes, on Wednesday.

GBP/USD looks weaker near 1.3500

GBP/USD adds to Monday’s pessimism and puts the 1.3500 support to the test on Tuesday. Cable’s marked pullback comes in response to extra gains in the Greenback while disappointing UK jobs data also collaborate with the offered bias around the British Pound.

Gold loses further momentum, approaches $4,800

Gold recedes to fresh two-week troughs around the $4,800 region per troy ounce on Tuesday. The precious metal builds on Monday’s downtick following a marked rebound in the US Dollar and mixed US Treasury yields across the board.

Crypto Today: Bitcoin, Ethereum, XRP upside looks limited amid deteriorating retail demand

The cryptocurrency market extends weakness with major coins including Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trading in sideways price action at the time of writing on Tuesday.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.