The USD/CAD has reversed from early morning lows, and support for the moment appears rather solid and traders have important choices to make.

The USD/CAD remains within the lower realms of its range taking into consideration a one month chart.  However, this morning’s early trading broke highs seen yesterday and Friday. The USD/CAD currency pair is around 1.28700 as of this writing and is challenging values seen on Thursday of last week. When the Bank of Canada increased its interest rate on the 14^th of July the USD/CAD was trading near 1.32200 momentarily, after the hike a low of nearly 1.28300 was seen on the 23^rd.

U.S Interest Rate Hike was Anticipated and the USD/CAD Remains Turbulent

The lows seen on the 23^rd of July were penetrated on the 28^th of July when the U.S Fed hiked their interest rate, and yesterday the USD/CAD hit a monthly low of nearly 1.27675. The last time this value had been seen was on the 10^th of June. The move higher in the USD/CAD since hitting yesterday’s low needs to be looked at by traders and may prove suspicious in some eyes.

• The Bank of Canada has made it clear they intend on being hawkish and the early September monetary meeting is likely to produce another hike higher.
• Matching the U.S Fed’s moves seems to be the intent of the Bank of Canada to protect the Canadian dollar.
• Commodity prices in the energy sector and grains factor into the behavioral sentiment for USD/CAD trading.

Resistance levels should be watched closely in the short term. If the 1.28750 level begins to look durable it may set off another round of selling for the USD/CAD and begin to challenge support levels again. The move higher after yesterday’s low was seen, was likely a reaction to dropping below the 1.28000 level for the first time in a sustained manner since the second week of June.

Risk Management is Necessary as these Lower Realms of the USD/CAD get Tested

Having tested lows not seen in a month and half yesterday, the reversal higher can be viewed as a natural reaction. Traders need to be careful and should use their risk taking tactics in a thought out manner, but if current resistance levels prove strong, selling the USD/CAD and looking for the 1.28600 mark to be challenged again the in the short term may be a solid wager.

If the USD/CAD moves below 1.28600 and the 1.28500 then becomes vulnerable, lower depths could come into view which were seen yesterday. The USD/CAD does have the potential to produce volatile results, but looking for additional downside price action in the short term may be the right wager.

Canadian Dollar Short-Term Outlook

Current Resistance: 1.28775

Current Support: 1.28575

High Target: 1.28970

Low Target: 1.28212

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XRP/USD has come off of highs in the past day of trading, and the cryptocurrency also remains locked within a rather suspicious and seemingly nervous price range.

XRP/USD is trading a touch above the 36 cents level in early trading today.  In early action yesterday Ripple approached the 37 and half cents level, but was not able to actually touch the value. After flirting with its near term high, which had not been seen since the 24^th of June, XRP/USD began to selloff. It should be noted by technical traders that XRP/USD did hit the 38 and three/quarter cents level on the 24^th of June.

However, before hitting this high water mark on the 24^th, on the 23^rd of June XRP/USD was barely trading above the 32 cents ratio.  Ripple remains one of the biggest digital assets in the cryptocurrency speculative world and its results the past week of trading mirror the broad market.

Yesterday’s inability to hold onto its higher price range highlights that trading conditions remain nervous. Profit taking may have been a large part of yesterday’s price action, but it is also possible that bearish traders believed yesterday’s highs were a solid place to set speculative selling positions and look for reversals lower.

If XRP/USD is not able to sustain its value above the 36 cents level short term, this could be a signal additional selling could develop in Ripple. Trading within XRP/USD has been rather consolidated the past few days when a one month chart is considered, and it is clear Ripple is traversing values within the middle of its one month range.

The ability of XRP/USD to climb off of lows seen on the 18^th of June, when the cryptocurrency traded below 29 cents momentarily is not a distant memory. Traders likely remain nervous about strong selling conditions suddenly reappearing again, and they cannot be blamed.

Speculative bullish traders looking for more upside momentum to develop should probably keep their targets within a realistic range. If the 36 cents mark holds in the short term, traders may be tempted to look for price action that looks for quick hitting trades seeking the 0.36250 to 0.36500 levels. However, unless serious price velocity is demonstrated, traders may want to consider values above these marks as an opportunity to look for reversals lower once again.

If the 36 cents level falters in the short term and the 0.35960 ratio is flirted with, this could be interpreted as a negative sign. A fall below the 0.35690 mark would be a negative indicator for XRP/USD and could mean nervous sentiment is about to raise its ugly head again with more selling pressure.

Ripple Short-Term Outlook

Current Resistance: 0.36450

Current Support: 0.35960

High Target: 0.37690

Low Target: 0.35280

After hitting one month lows while trading yesterday, AVAX/USD has produced a reversal upwards but some speculators may be suspicious of the move.

AVAX/USD is trading near the 72.50000000 mark as of this writing, this after falling to a low of nearly 67.25000000 early yesterday. The lower ratio produced on Monday tested values not seen since the 15^th of March. The low water mark certainly was able to demonstrate a reversal higher, and speculators who were able to take advantage of the low may have been able to cash in profits, but short term traders now have to decide on coming direction.

Trading sentiment within the broad cryptocurrency market continues to exhibit signs of nervousness including in Avalanche.  AVAX/USD has mirrored many of the technical trends being displayed in major counterparts, the reversal higher which was attained late yesterday and early today correlate to the broad digital asset market. However resistance levels are now being tested and AVAX/USD has potentially critical headwinds ready to blow near the 73.4100000 juncture.

Short term traders looking for quick hitting trades may see the above resistance as an attainable mark and be willing to buy now and use take profit orders even below the listed resistance levels while wagering on fast results.  Choppy conditions are likely to remain quite strong in the near term, particularly if nervous sentiment continues to be witnessed in other major cryptocurrencies.

On the 2^nd of April AVAX/USD was trading near the 104.00000000 ratio, this is a loss of more than 25% of its value since touching this one month high.  The trend in AVAX/USD may have been able to achieve a bounce higher yesterday, but now another test stands in the way of upside movement as resistance comes into sight. A downwards slope has dominated AVAX/USD the past few weeks of trading and momentum is a powerful wagering tool in cryptocurrencies. Traders should remain realistic regarding their targeted ambitions.

If current support levels nearby around 72.00000000 falter and a test of the 71.75500000 to 71.4500000 ensue, this could trigger additional selling. The past few weeks have demonstrated ability to make prove support levels vulnerable in AVAX/USD and other major cryptocurrencies. Traders should be careful with the amount of leverage they use and be ready for volatility to suddenly ignite, particularly if nervous trading conditions remain near term. In the short term selling AVAX/USD after brief climbs higher, and using entry price orders that look for reversals lower may prove to be a worthwhile speculative outlook.

Avalanche Short-Term Outlook

Current Resistance: 73.15000000

Current Support: 71.71000000

High Target: 75.61000000

Low Target: 67.63000000