USD/CAD Price Analysis: Bears have eyes on 61.8% golden ratio

USD/CAD bears are taking control with eyes on the Fibonacci retracement levels.
The W-formation's neckline is located near a 61.8% Fibo.

Ross J Burland FXStreet

USD/CAD bears stayed in charge despite yesterday's prospects of an upside continuation from hourly support. Instead, the bears have cracked this important area and the price is now offering a discount on a restest of what would be expected now act as resistance.

USD/CAD daily charts

The double bottom lows have resulted in the bullish impulse of late which ran into old support that acted as resistance. Now, the price is en route to significant Fibonacci retracement levels where a deep correction to the W-formation's neckline near 1.2550 would be expected to hold initial tests. In doing so, the price could build up a pile of demand and result in an upside continuation.

On the other hand ...

The double bottom lows, however, will be exposed again should the W-formation's neckline give out. The lower time frames have formed a bearish structure as follows:

The 4-hour chart's liquidity grab has resulted in the bears taking control. The M-information's neckline has been tested and is acting as resistance. This could be regarded as a discount to the bears engaging here with a focus on the daily Fibos and the W-formation's neckline.

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 rises to 1.1800 neighborhood amid renewed USD selling and trade uncertainties

The EUR/USD pair regains positive traction during the Asian session on Wednesday and jumps to the 1.1800 neighborhood in the last hour, reversing the previous day's modest losses. The intraday move up is sponsored by the emergence of fresh US Dollar, which continues to be weighed down by persistent trade-related uncertainties.

GBP/USD remains stronger above 1.3500 following Trump’s State of the Union

GBP/USD remains in the positive territory for the fourth successive session, trading around 1.3510 during the Asian hours on Wednesday. The pair appreciates as the US Dollar remains subdued following US President Donald Trump’s first State of the Union address of his second administration before a joint session of Congress.

Gold stays firm above $5,150 as Trump's delivers State of the Union speech

Gold finds fresh demand and regains the $5,150 level following the previous day's pullback from the monthly peak as traders assess Trump's State of the Union address. Trade-related uncertainties and geopolitical risks seem to act as a tailwind for the safe-haven bullion.

Bitcoin, Ethereum and Ripple post cautious recovery amid downside risks

Bitcoin, Ethereum, and Ripple are posting a cautious recovery on Wednesday following a market correction earlier this week. BTC is approaching a key breakdown level, while ETH and XRP are rebounding from crucial support levels.

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.