USD/CAD Price Analysis: Thursday's low offers support

USD/CAD has bounced up from Thursday's low of 1.3325.
The immediate bias remains neutral with pair stuck in Thursday's trading range.

Omkar Godbole FXStreet Contributor

USD/CAD is trading at 1.3353 at press time, having defended Thursday's low of 1.3325 early today.

Despite the recovery, the immediate bias remains neutral. That's because the pair is still trading well within the range of Thursday's candle, whose long upper and lower wicks indicate indecision.

A move above Thursday's high of 1.3418 would mean the period of indecision has ended with a bullish breakout. That would open the doors to the 100-day simple moving average (SMA), currently at 1.3462.

Alternatively, acceptance below Thursday's low of 1.3325 would confirm a bearish reversal.

With the 5- and 10-day SMAs trending north and the daily chart reporting a higher low and higher pattern, the odds appear stacked in favor of a break above Thursday's high of 1.3418.

Daily chart

Trend: Bullish above 1.3418

Technical levels

USD/CAD

Overview
Today last price	1.3353
Today Daily Change	-0.0009
Today Daily Change %	-0.07
Today daily open	1.3362

Trends
Daily SMA20	1.3179
Daily SMA50	1.3259
Daily SMA100	1.347
Daily SMA200	1.3524

Levels
Previous Daily High	1.3418
Previous Daily Low	1.3325
Previous Weekly High	1.3247
Previous Weekly Low	1.3128
Previous Monthly High	1.3451
Previous Monthly Low	1.302
Daily Fibonacci 38.2%	1.3361
Daily Fibonacci 61.8%	1.3383
Daily Pivot Point S1	1.3319
Daily Pivot Point S2	1.3276
Daily Pivot Point S3	1.3226
Daily Pivot Point R1	1.3412
Daily Pivot Point R2	1.3461
Daily Pivot Point R3	1.3505

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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.