USD/CAD holds weaker below mid-1.2800s

Haresh Menghani FXStreet

• Softer USD/positive oil prices prompt fresh selling.
• US PPI print eyed for fresh trading impetus.

The USD/CAD pair continued with its struggle to gain any strong follow through traction beyond mid-1.2800s and came under some fresh selling pressure on Tuesday.

Currently trading around the 1.2835 region, the pair is now just a few pips away from previous session's low and was being weighed down by a mildly softer tone around the US Dollar.

Meanwhile, the prevalent bullish sentiment around oil markets, with WTI crude oil holding comfortably above the $58.00/barrel mark, underpinned the commodity-linked currency - Loonie and further collaborated to the pair's retracement through the early European session on Tuesday.

It, however, remains to be seen if the pair is able to break through its three-day old trading range as investors might now refrain from placing aggressive bets ahead of the highly anticipated FOMC announcement on Wednesday.

In the meantime, oil price-dynamics, along with today's release of US PPI print would be looked upon to grab some short-term trading opportunities.

Technical levels to watch

A follow through weakness below 1.2830 level is likely to get extended towards the 1.2800 handle, below which the pair is likely to accelerate the fall towards 1.2765 horizontal support. On the upside, sustained move beyond mid-1.2800s now seems to lift the pair back towards the 1.2900 handle en-route 1.2915-20 supply zone.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.