USD/CAD Price Analysis: Bounces off 200-EMA as bulls eye 1.3450

USD/CAD picks up bids to refresh intraday high, prints the first daily gains in four.
Bearish MACD signals, “double top” formation keeps Loonie pair sellers hopeful.
Multiple hurdles to challenge buyers, 1.3800 is the key upside hurdle.

Anil Panchal FXStreet

USD/CAD recovers from the key Exponential Moving Average (EMA) while snapping a three-day downtrend near 1.3440 heading into Monday’s European session. In doing so, the Loonie pair renews its intraday high while bouncing off the lowest levels in three weeks.

It’s worth noting that the quote’s recovery fails to justify bearish MACD signals and hence suggests limited upside room.

Even so, the USD/CAD pair’s rebound from the 200-EMA, around 1.3420 by the press time, allows the Loonie bears to aim for the 1.3500 threshold.

Following that, the 50% Fibonacci retracement level of the pair’s October-November 2022 downside, near 1.3600, can’t be ruled out.

However, a “double top” bearish chart pattern, with highs surrounding 1.3650-65, appears a tough nut to crack for the USD/CAD bulls.

Even if the Loonie pair defies the bearish formation by crossing the 1.3665 hurdle, a downward-sloping resistance line from late October 2022, close to 1.3800 by the press time, can challenge the pair buyers before giving them control.

Alternatively, a daily closing below the 200-EMA level of around 1.3420 could quickly drag the USD/CAD price towards a four-month-old upward-sloping support line, near 1.3330, a break of which will refresh the yearly low, currently around 1.3260.

USD/CAD: Daily chart

Trend: Limited recovery expected

Additional important levels

Overview
Today last price	1.3439
Today Daily Change	0.0014
Today Daily Change %	0.10%
Today daily open	1.3425

Trends
Daily SMA20	1.3505
Daily SMA50	1.3507
Daily SMA100	1.3518
Daily SMA200	1.3507

Levels
Previous Daily High	1.3452
Previous Daily Low	1.3407
Previous Weekly High	1.3651
Previous Weekly Low	1.3407
Previous Monthly High	1.3655
Previous Monthly Low	1.3315
Daily Fibonacci 38.2%	1.3424
Daily Fibonacci 61.8%	1.3435
Daily Pivot Point S1	1.3404
Daily Pivot Point S2	1.3383
Daily Pivot Point S3	1.3358
Daily Pivot Point R1	1.345
Daily Pivot Point R2	1.3474
Daily Pivot Point R3	1.3495

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 flat lines near 1.1800 as traders brace for US PPI release

The EUR/USD pair trades on a flat note near 1.1800 during the early Asian session on Friday. The pair steadies as softer Eurozone inflation offsets US tariff uncertainties. Traders await the preliminary reading of the Consumer Price Index from Germany on Friday for more clues about the pace of future policy easing. On the US front, the Producer Price Index report will be released.

GBP/USD threatens the 200-day SMA near 1.3440

GBP/USD rapidly leaves behind Wednesday’s strong advance, coming under heavy pressure and retesting the 1.3440 zone, where the critical 200-day SMA is located. Cable’s deep pullback follows the strong gains in the Greenback, while investors continue to pencil in a potential BoE rate cut in March.

Gold remains below $5,200 despite tariff jitters and geopolitical risks

Gold is seen consolidating in a range below the $5,200 mark during the Asian session on Friday amid mixed cues. Trade jitters, along with the risk of a potential US-Iran war, act as a tailwind for the safe-haven bullion. Meanwhile, the Fed's hawkish outlook keeps the US Dollar close to the monthly high and caps the non-yielding yellow metal. Nevertheless, the commodity remains on track to register gains for the fourth straight week, though the fundamental backdrop warrants some caution for bullish traders.

Top Crypto Gainers: Stable and Decred rally, Pippin approaches record highs

Altcoins, such as Stable, Decred, and Pippin, are extending gains so far this week, defying the risk-averse conditions in the broader cryptocurrency market. Stable and Pippin are near record high levels, while Decred extends its breakout rally above $30.

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.

Bitcoin steadies as traders eye US–Iran talks

Bitcoin (BTC) price is stabilizing around $68,000 at the time of writing on Thursday after a 6.2% relief rally the previous day amid a broader downward trend.