USD/CAD unchanged around 1.2480 on US data

Pablo Piovano FXStreet

The greenback is exchanging gains with losses vs. its Canadian neighbor at the end of the week, taking USD/CAD to the 1.2475/80 band.

USD/CAD apathetic on data

The pair is staging a ‘doji-like’ candle so far today after US inflation figures disappointed expectations during September and retail sales came in mixed.

On the brighter side, advanced US consumer sentiment is expected to come in above expectations at 101.1 for the current month, giving some respite to the buck’s decline.

In the meantime, US-CA yield spread differentials continue to drive the sentiment around the pair for the time being, although the ongoing rally in prices of the WTI are also limiting occasional dips in CAD.

USD/CAD significant levels

As of writing the pair is gaining 0.02% at 1.2481 facing the next up barrier at 1.2511 (high Oct.13) seconded by 1.2599 (high Oct.6) and finally 1.2664 (high Aug.31). On the downside, a drop below 1.2431 (low Oct.12) would aim for 1.2424 (21-day sma) and then 1.2253 (low Sep.22).

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 trims gains, hovers around 1.1900 post-US data

EUR/USD trades slightly on the back foot around the 1.1900 region in a context dominated by the resurgence of some buying interest around the US Dollar on turnaround Tuesday. Looking at the US docket, Retail Sales disappointed expectations in December, while the ADP 4-Week Average came in at 6.5K.

GBP/USD comes under pressure near 1.3680

The better tone in the Greenback hurts the risk-linked complex on Tuesday, prompting GBP/USD to set aside two consecutive days of gains and trade slightly on the defensive below the 1.3700 mark. Investors, in the meantime, keep their attention on key UK data due later in the week.

Gold loses some traction, still above $5,000

Gold faces some selling pressure on Tuesday, surrendering part of its recent two-day advance although managing to keep the trade above the $5,000 mark per troy ounce. The daily pullback in the precious metal comes in response to the modest rebound in the US Dollar, while declining US Treasury yields across the curve seem to limit the downside.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.