USD/CAD on a steady recovery path above 5-DMA

Dhwani Mehta FXStreet

The Canadian dollar lost footing and declined gradually against its American counterpart, prompting a steady recovery in the USD/CAD pair.

USD/CAD back above 1.29 handle

Currently, the USD/CAD pair rises 0.10% to 1.2925, having previously posted session highs at 1.2933. USD/CAD takes a breather and consolidates the overnight recovery, underpinned by renewed weakness in the oil prices, which dampens the sentient around the resource-linked Loonie.

Moreover, the extended rebound staged by the greenback against its major peers, also adds to the upbeat tone behind the USD/CAD pair. The US dollar index edges 0.10% higher at 94.60, flirting with session tops reached at 94.63.

Attention now turns towards the US existing home sales and EIA weekly supply report for further momentum on the major.

USD/CAD Technical Levels

To the upside, the next resistances are seen near 1.2950/63 (psychological levels/ 100-DMA) and 1.3000 (round figure). To the downside, immediate support might be located at 1.2892/87 (10 & 20-DMA) and below that at 1.2827 (Aug 17 low).

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities 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.