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 edges lower during the Asian session on Friday and erodes a part of the previous day's strong gains, snapping a three-day winning streak to the $4,285-4,286 region, or the highest level since October 21. The prevalent risk-on environment – as depicted by a generally positive tone around the equity markets – is seen undermining demand for the safe-haven precious metal. 

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 Federal Reserve (Fed) went ahead with a 25 basis points rate cut, taking the target range to 3.50–3.75%. But the tone around the decision mattered just as much as the move.

Solana (SOL) price is trading below $130 at the time of writing on Thursday, after being rejected at the upper boundary of its falling wedge pattern. The broader market weakness following the Federal Reserve’s hawkish rate cut has added to downside momentum.