USD/CAD Price Analysis: Bears attack eight-month-old support near 1.3290

USD/CAD licks its wounds after refreshing 11-week low.
Bearish MACD signals, sustained trading below 21-DMA keeps sellers hopeful.
200-DMA, 1.3210 level act as the last defenses for the buyers.

Anil Panchal FXStreet

USD/CAD jostles with a key support line after refreshing the multi-month low on the Federal Reserve’s (Fed) dovish hike, making rounds to 1.3290 during early Thursday morning in Asia. In doing so, the Loonie pair portrays sustained trading below the 21-DMA while also justifying the bearish MACD signals and downbeat RSI, not oversold.

It’s worth noting that an ascending trend line from June 2022, close to 1.3290 at the latest, challenges the pair sellers of late.

The major attention, however, should be given to the horizontal area comprising multiple levels marked since mid-July 2022 and the 200-DMA, between 1.3225 and 1.3210.

In a case where the USD/CAD pair stays weak below 1.3210, the 1.3200 round figure may act as an extra filter towards the south before directing prices towards the 1.3000 psychological magnet. It should be observed that June 2022 peak surrounding 1.3080 may offer an intermediate halt during the slump past 1.3200.

Meanwhile, USD/CAD recovery remains elusive until the quote remains below the 21-DMA hurdle of 1.3390.

Following that, the late January swing high near 1.3520 and the previous monthly top surrounding 1.3685 will be in focus.

Though, the USD/CAD bull-run needs validation from the December 2022 peak of 1.3705.

Overall, USD/CAD remains on the bear’s radar but the downside room appears limited.

USD/CAD: Daily chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price	1.3293
Today Daily Change	-0.0012
Today Daily Change %	-0.09%
Today daily open	1.3305

Trends
Daily SMA20	1.3406
Daily SMA50	1.35
Daily SMA100	1.353
Daily SMA200	1.3214

Levels
Previous Daily High	1.3472
Previous Daily Low	1.33
Previous Weekly High	1.3428
Previous Weekly Low	1.33
Previous Monthly High	1.3685
Previous Monthly Low	1.33
Daily Fibonacci 38.2%	1.3365
Daily Fibonacci 61.8%	1.3406
Daily Pivot Point S1	1.3246
Daily Pivot Point S2	1.3187
Daily Pivot Point S3	1.3074
Daily Pivot Point R1	1.3418
Daily Pivot Point R2	1.3531
Daily Pivot Point R3	1.359

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

EUR/USD looks apathetic around 1.1770

EUR/USD comes under renewed pressure on Tuesday, deflating below the 1.1800 support and reversing two consecutive days of gains. The pair’s decline follows the persistent move higher in the US Dollar, as trade uncertainty dominates the sentiment ahead of President Trump’s SOTU speech.

GBP/USD regains 1.3500 and above

GBP/USD extends its advance for the third day in a row on Tuesday, this time retesting the area beyond the 1.3500 hurdle. Cable’s uptick comes despite decent gains in the Greenback and the dovish message from the BoE’s Bailey at the UK Parliament.

Gold appears offered around $5,150

Gold is giving back a good portion of the recent multi-day rally, receding to the $5,150 zone per troy ounce amid the decent bounce in the US Dollar and mixed US Treasuty yields. In the meantime, markets’ attention remain on upcoming comments from Fed speakers.

Crypto Today: Bitcoin, Ethereum, XRP come under renewed pressure amid ETF outflows, tariff uncertainty

Bitcoin, Ethereum and Ripple are trading under increasing selling pressure at the time of writing on Tuesday, as market participants navigate renewed tariff uncertainty. The Crypto King holds above $63,000, down 2% intraday from its $64,656 open.

The Citrini report: How a debatable AI narrative can shake Wall Street

That AI-related headline alone was enough to rattle investors.US stocks slid sharply on Monday after a widely circulated Citrini Research memo outlined a hypothetical “2028 Global Intelligence Crisis”, warning that rapid AI adoption could push US unemployment into double digits as early as by mid-2028.

XRP pressured by weak ETF flows and declining retail interest

Ripple (XRP) is edging lower, trading above its intraday low of $1.32 at the time of writing on Tuesday. The decline from its weekly opening of $1.39 reflects heightened volatility in the broader cryptocurrency market, accentuated by tariff-triggered uncertainty.