USD/CAD recovers early lost ground, jumps back to 1.29 handle

Haresh Menghani FXStreet

• Catches some fresh bids near 1.2865-60 region, 3-day old trading range support.
• Traders unwind bearish bets amid holiday-thinned liquidity conditions.
• Next week's important macro releases to provide some fresh impetus.

The USD/CAD pair has managed to recover early lost ground to a three-day-old trading range support and is now looking to move back above the 1.2900 handle.

Despite a subdued US Dollar demand, the pair once again managed to gain some positive traction near the 1.2865-60 region and prompted traders to cover their short position from an immediate support.

Meanwhile, the uptick lacked any obvious catalyst and hence, it would now be interesting to see if the pair is able to build on the momentum or traders look at the move as an opportunity to lighten their bullish bets.

With global market shut to celebrate the Easter long weekend, the pair seems more likely to hold on to its recent trading range and wait for next week's important macro releases, including the keenly watched NFP, for some fresh directional impetus.

Technical levels to watch

Any subsequent up-move might continue to confront some fresh supply near the 1.2935-40 region, above which the pair seems all set to aim towards reclaiming the key 1.30 psychological mark. On the flip side, sustained weakness below the 1.2865-60 immediate support now seems to prompt some aggressive selling and drag the pair back towards retesting the 1.2810-1.2800 support region.

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 deflates to fresh lows, targets 1.1600

The selling pressure on EUR/USD now gathers extra pace, prompting the pair to hit fresh multi-week lows in the 1.1625-1.1620 band on Friday. The continuation of the downward bias comes in response to further gains in the US Dollar as market participants continue to assess the mixed release of US Nonfarm Payrolls in December.

GBP/USD breaks below 1.3400, challenges the 200-day SMA

GBP/USD remains under heavy fire and retreats for the fourth consecutive day on Friday. Indeed, Cable suffers the strong performance of the Greenback, intensified post-mixed NFP, and trades at shouting distance from its critical 200-day SMA near 1.3380.

Gold flirts with yearly tops around $4,500

Gold keeps its positive bias on Friday, adding to Thursday’s advance and challenging yearly highs in the $4,500 region per troy ounce. The risk-off sentiment favours the yellow metal despite the firmer tone in the Greenback and rising US Treasury yields.