USD/CAD Price Analysis: Clings to recovery gains around 1.3550 ahead of US PCE Price Index USDCAD Inflation GDP Technical Analysis Currencies
Bullish Crude Oil prices underpin the Loonie and act as a headwind amid a positive risk tone.The USD/CAD pair
shows resilience below the 100-day Simple Moving Average and attracts some buying in the vicinity of the 1.3500 psychological mark, or a five-and-half-week low touched earlier Friday. The pair maintains its bid tone heading into the North American session and is currently placed around the 1.3550 area, just a few pips below the daily high. regains some positive traction on the last day of the week and is seen as a key factor acting as a tailwind for the USD/CAD pair.
Traders also seem reluctant to place aggressive bets ahead of the release of the monthly Canadian GDP and the US Core PCE Price Index, the Fed's preferred inflation gauge. The USD/CAD pair, for now, seems to have stalled its intraday positive move near the 50% Fibonacci retracement level of the February-March rally. A sustained move beyond could lift spot prices beyond the 1.3600 mark, towards the 1.3640 region, or the 61.8% Fibo. level.
Some follow-through buying beyond mid-1.3600s will negate any near-term bearish bias and pave the way for a move towards the 1.3700 round figure en route to the 1.3720 zone, or the 23.6% Fibo. level. On the flip side, the 1.3500 mark represents 61.8% Fibo. level and should now act as a pivotal point, which if broken will be seen as a fresh trigger for bearish traders. The USD/CAD pair might then turn vulnerable to accelerate the fall towards intermediate support near the 1.3455-1.3450 horizontal zone. Spot prices could eventually drop to the 1.3400 round figure en route to the next relevant support near the 1.3330-1.3325 region.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
USD/CAD Price Analysis: Bears run into support but eye a continuation towards 1.3450The Canadian Dollar strengthened to its highest level in nearly four weeks against the Greenback on Wednesday as a recovery in risk appetite supported
Leer más »
USD/CAD Price Analysis: Bears approach multi-month-old support near 1.3470USD/CAD Price Analysis: Bears approach multi-month-old support near 1.3470 USDCAD Technical Analysis TrendFollowing ChartPatterns SupportResistance
Leer más »
USD/CAD declines towards 1.3500 on upbeat oil price, US PCE Price Index hogs limelightThe USD/CAD pair has refreshed its five-week low below 1.3516 in the early Asian session amid weakness in the US Dollar Index (DXY) and rising oil pri
Leer más »
USD/CAD looks set to refresh monthly low to near 1.3550 ahead of US/Canada GDPThe USD/CAD pair is hovering near a monthly low around 1.3555 in the early Asian session. The Loonie asset is expected to refresh the same despite som
Leer más »
USD/CAD seems vulnerable near multi-week low, below 1.3600 amid bullish Oil pricesUSD/CAD seems vulnerable near multi-week low, below 1.3600 amid bullish Oil prices – by hareshmenghani USDCAD RiskAppetite Fed Bonds Currencies
Leer más »
USD/CAD drops on US Dollar strength, amidst falling oil pricesThe Canadian Dollar (CAD) extended its gains against the US Dollar (USD) for three straight days, spurred by a risk-on impulse and overall US Dollar w
Leer más »