USD/CAD: Moves towards the support area at 1.3550/60 – Scotiabank

EUR/USD is holding its retreat from 10-week highs near 1.1750 in the European session on Friday, capped by a modest rebound in the US Dollar.  The potential downside for the pair might be limited amid expectations of divergent Fed-ECB monetary policy outlooks. Fedspeak is awaited, 

GBP/USD is keeping its range trade intact below 1.3400 in European trading on Friday. The UK GDP unexpectedly fell by 0.1% in October vs. a 0.1% growth expected, while the Manufacturing Production rose 0.5% over the month in the same period, missing the estimated 1% increase. Mixed UK data have little to no impact on the Pound Sterling. 

Gold remains on the back foot through the Asian session on Friday, though it lacks follow-through and trades near its highest level since October 21, touched the previous day. A generally positive tone around the equity markets undermines demand for traditional safe-haven assets and acts as a headwind for the commodity.

Bitcoin and Ethereum are nearing the key resistance levels at the time of writing on Friday, and a successful breakout could open the door for a fresh rally. Meanwhile, Ripple is stabilizing around a crucial support zone, hinting at a potential rebound if buyers maintain control.

The S&P 500 continued to push higher yesterday as the US 2-year yield wavered around the 3.50% mark following a Federal Reserve (Fed) rate cut earlier this week that was ultimately perceived as not that hawkish after all. The cut is especially boosting the non-tech pockets of the market.

Aave (AAVE) price is trading above $204 at the time of writing on Friday and approaching the upper boundary of its descending parallel channel; a breakout from this structure would favor the bulls.