USD/CAD through 1.3300 post-data, fresh tops

Pablo Piovano FXStreet

The Canadian dollar is now depreciating at a faster pace vs. its American neighbour, lifting USD/CAD fresh tops above 1.3300 the figure.

USD/CAD higher on CAD data

Spot is now printing fresh multi-month tops near 1.3320 after Canadian inflation figures and retail sales have come in short of expectations today.

In fact, consumer prices tracked by the CPI rose 1.3% on a year to September and 0.1% inter-month vs. forecasts for 1.5% and 0.2%, respectively. Core prices measured by the Bank of Canada have matched expectations, up 1.8% YoY and 0.2% on a monthly basis.

Adding to CAD offered bias, Retail Sales in Canada have contracted at a monthly 0.1% during August vs. am estimated 0.3% gain.

USD/CAD significant levels

As of writing the pair is up 0.76% at 1.3326 with the next hurdle at 1.3575 (50% Fibo of the 2016 drop) seconded by 1.3839 (61.8% Fibo of the 2016 drop). On the other hand, a breakdown of 1.3050 (low Oct.18) would open the door to 1.3030 (100-day sma) and then 1.2996 (low Sep.22).

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 1.3078

0% Bullish
100% Bearish
0% Sideways

Bias Bearish

1 Month

Avg Forecast 1.3153

44% Bullish
44% Bearish
11% Sideways

Bias Neutral

1 Quarter

Avg Forecast 1.3236

55% Bullish
27% Bearish
18% Sideways

Bias Bullish

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD clings to strong gains above 1.1850 on USD weakness

EUR/USD preserves its bullish momentum to start the week and trades above 1.1850. The US Dollar struggles to find demand ahead of Wednesday's critical January employment report and helps the pair continue to push higher.

GBP/USD hovers near 1.3600 as UK government crisis weighs on Pound Sterling

GBP/USD moves sideways after registering modest gains in the previous session, trading around 1.3610 during the European hours on Monday. The pair could come under pressure as the Pound Sterling may weaken amid a fresh government crisis in the United Kingdom.

Gold holds steady above $5,000

Gold builds on the gains it posted to end the previous week and holds steady above $5,000 on Monday. Data released over the weekend showed that the People's Bank of China extended its Gold buying spree for a 15th month in January. Moreover, dovish US Fed expectations and concerns about the central bank's independence drag the US Dollar lower for the second straight day, providing an additional boost to the non-yielding yellow metal.

Cardano steadies as whale selling caps recovery

Cardano (ADA) steadies at $0.27 at the time of writing on Monday after slipping more than 5% in the previous week. On-chain data indicate a bearish trend, with certain whales offloading ADA. However, the technical outlook suggests bearish momentum is weakening, raising the possibility of a short-term relief rebound if buying interest picks up.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.

Bitcoin, Ethereum and Ripple consolidate after massive sell-off

Bitcoin, Ethereum, and Ripple prices consolidated on Monday after correcting by nearly 9%, 8%, and 10% in the previous week, respectively. BTC is hovering around $70,000, while ETH and XRP are facing rejection at key levels. Traders should be cautious: despite recent stabilization, upside recovery for these top three cryptocurrencies is capped as the broader trend remains bearish.