USD/CAD Price Analysis: A bearish break and retest of structure on the cards

USD/CAD bears await break of support and retest for confirmation.
1.3050 is on the radar while below 1.3180.

Ross J Burland FXStreet

The price of USD/CAD is under pressure and a significant weekly correction opens the prospect of a downside continuation towards 1.3050.

The following is a top-down analysis that illustrates where a setup can be established on further deterioration in the price to below the current support structure.

Monthly chart

The monthly outlook remains bearish as the price fails the break resistance, so far, on a correction of the monthly downside.

Weekly chart

The weekly chart shows that there has been a significant enough correction of the latest weekly completed candlesticks.

Daily chart

The same can be said for the daily chart as the price corrects to structure and fails to the upside.

4-hour chart

The bears can map out a target of 1.3050 in a Fibonacci extension.

A stop loss can be placed above the structure and a sell limit can be placed below it as soon as the environment turns more bearish.

As it stands, the price is supported b the 21 moving average and prior structure.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

EUR/USD stays in tight channel near 1.1800

EUR/USD moves sideways in a narrow band at around 1.1800 in the second half of the day on Friday as investors refrain from taking large positions. February inflation data from Germany and January Producer Price Index figures from the US could drive the pair's action heading into the weekend.

GBP/USD struggles below 1.3500 amid UK political drama, BoE easing bias

GBP/USD struggles to build on the overnight modest bounce from the weekly low and oscillates in a narrow band below 1.3500 on Friday. The Gorton and Denton by-election, held on February 26, has become a focal point of political drama in the UK, along with the BoE easing expectations, acting as a headwind for the GBP.

Gold flat lines below $5,200; traders look to US PPI for fresh impetus

Gold struggles to capitalize on its modest gains registered over the past two days and trades below the $5,200 mark through the first half of the European session on Friday. Geopolitical risks remain in play amid a large US naval and air power buildup in the Middle East.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Changing the game: International implications of recent tariff developments

The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.