USD/CAD Price Analysis: Bounces off 50-HMA amid impending bull cross on MACD

USD/CAD picks up bids to reverse the previous day’s pullback from six-week high.
Sustained trading beyond key moving averages, support lines favor buyers.
Sellers need validation from 1.2900 to retake control.

Anil Panchal FXStreet

USD/CAD renews intraday top near 1.3025 as it rebounds from the 50-HMA to consolidate the week-start losses around a 1.5-month high. That said, the Loonie pair’s recovery moves also take clues from the MACD signals.

Given the looming bull cross of the MACD line to the signal line, as well as the bounce off the key HMA, USD/CAD may witness further upside.

However, a one-week-old upward sloping resistance line, near 1.3080 by the press time, could test the advances before highlighting the 1.6100 threshold.

Following that, 1.3130 and the 1.3200 round figures may entertain USD/CAD bulls before directing them to the yearly high near 1.3240.

Alternatively, pullback moves may initially test the 50-HMA support level of the 1.3000 threshold.

Even if the quote drops below the 1.3000 mark, the convergence of the 100-HMA and the 200-HMA, near 1.2980, will challenge the USD/CAD bears.

It’s worth noting that ascending support lines from August 11 and 17, respectively around 1.2940 and 1.2925, appear the key challenges for the pair sellers to watch past 1.2980. Additionally, the 1.2900 round figure appears the last defense of the pair buyers.

USD/CAD: Hourly chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.3022
Today Daily Change	0.0011
Today Daily Change %	0.08%
Today daily open	1.3011

Trends
Daily SMA20	1.2907
Daily SMA50	1.2917
Daily SMA100	1.2846
Daily SMA200	1.2768

Levels
Previous Daily High	1.3076
Previous Daily Low	1.2991
Previous Weekly High	1.3063
Previous Weekly Low	1.2895
Previous Monthly High	1.3224
Previous Monthly Low	1.2789
Daily Fibonacci 38.2%	1.3023
Daily Fibonacci 61.8%	1.3043
Daily Pivot Point S1	1.2976
Daily Pivot Point S2	1.2941
Daily Pivot Point S3	1.2891
Daily Pivot Point R1	1.3061
Daily Pivot Point R2	1.3111
Daily Pivot Point R3	1.3146

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.

AUD/USD trims losses, still near 0.6900

AUD/USD remains well on the defensive, adding to Wednesday’s pullback and trading close to the key 0.6900 contention zone ahead of the opening bell in Asia. Discouraging prints from the Australian labour market report have weighed on the Aussie, which has remained unable to take advantage from the marked pullback in the Greenback.

USD/JPY slides back below 158.00 as USD reverses post-CPI gains

USD/JPY extends the previous day's pullback from a three-week high, attracting follow-through selling and sliding below 158.00 during Thursday's Asian session. Traders remain on high alert amid speculation that authorities will step in to prop up the Japanese Yen. The US Dollar, meanwhile, reverses Wednesday's hot CPI-led gains to April 2025 highs as US bond yields retreat on China bond-buying talk, further pressuring the pair.

Gold: Upside remains capped by $4,200

Gold regains the smile and leaves behind three consecutive days of losses, advancing to the $4,170 region per troy ounce on Thursday. The precious metal’s recovery comes amid the fresh offered stance in the Greenback and declining US Treasury yields while investors remain cautious ahead of the Fed’s Warsh speech on Friday.

Bitcoin rebounds to $82,000 as PPI hits 6.3%, nearly $1B liquidated

Bitcoin (BTC) recovered near $82,000 on Thursday after briefly falling below $80,000, paring losses triggered by hotter-than-expected US inflation data. September PPI inflation rose 6.3% YoY, exceeding forecasts of 5.3% and marking its second-highest level since November 2022. Core PPI inflation climbed to 5% annually, above expectations of 4.4%.

The Iran war will eventually end. Tariffs won't. Here's the problem

Two cost shocks are in the September Consumer Price Index (CPI), and they have different half-lives. Energy is up 20.4% on the year and accounts for about 1.3 points of the 3.7% headline, and that shock reverses when Oil does: Brent was back at its pre-war price on July 1 and above $100 again by the end of the month, after the ceasefire collapsed on July 8.

Everyone's dumping Gold after hot US inflation. Here's why $4,100 could be a floor, not a cliff

Gold (XAU/USD) is recovering from a sharp sell-off triggered by hotter-than-expected United States (US) inflation data released on Wednesday. The precious metal briefly plunged toward $4,073 as investors increased their bets on further Federal Reserve (Fed) interest rate hikes before recovering as US Treasury yields and the US Dollar (USD) reversed their initial gains.