USD/CAD: US dollar attempts to defend its position at 1.33530

Denis Joeli Fatiaki Independent Analyst

USD/CAD: US dollar attempts to defend its position at 1.33530

What is going on now with USD/CAD?

USD/CAD: The US dollar traded sideways around 1.33775 during the Asian session but failed to continue to the upside and fell to 1.33315 support as indicated in yesterday's update. The pair was supported at 1.33315 and had progressed above 1.33530 support in this mornings trading session.

Our forecast

USD/CAD: The US dollar currently trades at 1.33623 in the 60 minutes price chart. The pair needs to maintain trading activities above 1.33530 to proceed to its next target at 1.33775. The US dollar could head down to 1.33315 and 1.33160 if it fails to hold at 1.33530 support.

Support/short target -1.33530, 1.33315, 1.33160, and 1.32880

Resistance/Long Target- 1.33775, 1.34075, 1.34230, and 1.34455

Chart 1: The short-term view of the USD/CAD price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points

Chart 2: The short-term view of the USD/CAD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points

Author

Denis Joeli Fatiaki

Independent Analyst

Denis Joeli Fatiaki possesses over a decade of extensive experience as a multi-asset trader and Market Strategist.

EUR/USD extends its optimism past 1.1900

EUR/USD retains a firm underlying bid, surpassing the 1.1900 mark as the NA session draws to a close on Monday. The pair’s persistent uptrend comes as the US Dollar remains on the defensive, with traders staying cautious ahead of upcoming US NFP prints and CPI data.

GBP/USD hits three-day peaks, targets 1.3700

GBP/USD is clocking decent gains at the start of the week, advancing to three-day highs near 1.3670 and building on Friday’s solid performance. The better tone in the British Pound comes on the back of the intense sekk-off in the Greenback and despite re-emerging signs of a fresh government crisis in the UK.

Gold picks up pace, retargets $5,100

Gold gathers fresh steam, challenging daily highs en route to the $5,100 mark per troy ounce in the latter part of Monday’s session. The precious metal finds support from fresh signs of continued buying by the PBoC, while expectations that the Fed could lean more dovish also collaborate with the uptick.

Litecoin eyes $50 as heavy losses weigh on investors

Following a strong downtrend across the crypto market over the past week, Litecoin holders are under immense pressure. The Bitcoin fork has trimmed about $1.81 billion from its market capitalization since the beginning of the year, sending it below the top 20 cryptos by market cap.

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.

Ripple exposed to volatility amid low retail interest, modest fund inflows

Ripple (XRP) is extending its intraday decline to around $1.40 at the time of writing on Monday amid growing pressure from the retail market and risk-off sentiment that continues to keep investors on the sidelines.