USD/CAD ticks higher to mid-1.3400s amid weaker Oil prices

Haresh Menghani FXStreet

• The ongoing slide in oil prices weigh on Loonie and helped gain some traction.
• Subdued USD demand/holiday-thinned liquidity conditions seemed to cap gains.

The USD/CAD pair edged higher at the start of a new trading week and is currently placed at session tops, recovering a part of Friday's intraday slide.

The pair extended its rejection slide from the key 1.3500 psychological mark and lost some additional ground on Friday, weighed down by a follow-through US Dollar retracement from two-year tops following the disappointing release of US durable goods orders data.

The USD bulls held on the defensive through the early European session on Monday amid growing bets for a Fed rate cut, albeit some renewed weakness in Crude Oil prices undermined demand for the commodity-linked currency - Loonie and provided a minor boost to the major.

In fact, WTI Crude Oil prices added to last week's heavy losses - the biggest this year, and declined further amid concerns over any further deterioration in the US-China trade disputes and signs of a slowdown in the global economic growth.

The uptick, however, lacked any strong conviction as investors now seemed reluctant to place any aggressive bets amid absent relevant fundamental catalyst and relatively thin liquidity conditions on the back of holidays in the UK and US.

Technical levels to watch

USD/CAD

Overview
Today last price	1.3446
Today Daily Change	0.0010
Today Daily Change %	0.07
Today daily open	1.3436

Trends
Daily SMA20	1.3448
Daily SMA50	1.3402
Daily SMA100	1.3332
Daily SMA200	1.3254

Levels
Previous Daily High	1.3484
Previous Daily Low	1.343
Previous Weekly High	1.3503
Previous Weekly Low	1.3357
Previous Monthly High	1.3522
Previous Monthly Low	1.3274
Daily Fibonacci 38.2%	1.3451
Daily Fibonacci 61.8%	1.3463
Daily Pivot Point S1	1.3416
Daily Pivot Point S2	1.3397
Daily Pivot Point S3	1.3363
Daily Pivot Point R1	1.347
Daily Pivot Point R2	1.3503
Daily Pivot Point R3	1.3523

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 sticks to positive bias above 1.1800 as trade jitters undermine USD

The EUR/USD pair builds on the previous day's modest gains and attracts some buyers for the second straight day on Thursday amid a softer US Dollar. Spot prices, however, lack bullish conviction and trade around the 1.1815-1.1820 area during the Asian session, up 0.10% for the day.

GBP/USD extends recovery to near 20-day EMA as US Dollar weakens

The Pound Sterling holds onto weekly gains around 1.3565 against the US Dollar during the Asian trading session on Thursday. The GBP/USD pair trades firmly as the US Dollar remains under pressure due to uncertainty surrounding the United States trade policy outlook.

Gold struggle with $5,200 extends ahead of more US-Iran talks

Gold is replicating the recovery moves seen in Wednesday’s Asian trading early Thursday, as buyers continue to flirt with the $5,200 level. Sustained US Dollar weakness and looming US-Iran talks aid the bright metal’s rebound.

Top Crypto Gainers: Polkadot, Near Protocol, Uniswap lead market rebound

Altcoins, such as Polkadot, Near Protocol, and Uniswap, are leading gains over the last 24 hours as Bitcoin jumped 6% on Wednesday. The altcoins are holding steady at press time on Thursday following a rebound the previous day, testing the waters around their 50-day Exponential Moving Average.

Nvidia delivers another monster earnings report, and forecasts big things to come

It was another monster earnings report from Nvidia for fiscal Q4. Revenues were $68.1bn, smashing estimates of $65bn. Gross profit margin was a healthy 75%, up from 73.5% in the prior quarter, and the outlook for this quarter was monstrous.

Cosmos Hub Price Forecast: ATOM rebounds slightly, bearish outlook remains intact

Cosmos Hub (ATOM) price rebounds, trading above $2.05 at the time of writing on Wednesday, after undergoing a sharp correction since last week. Weakening on-chain and derivatives data support a bearish outlook, while technical analysis remains unfavorable.