USD/CAD Price Analysis: Bulls again flirt with 200-day EMA around 1.2550

USD/CAD grinds higher after bouncing off three-week-old support line.
Bullish MACD, sustained trading beyond horizontal support stretched from August favor buyers.
Key Fibonacci retracement levels add to the upside filters, bears have a bumpy road beyond 1.2400.

Anil Panchal FXStreet

USD/CAD holds onto the bounce off 1.2490-2500 support confluence around the weekly top of 1.2568 during early Wednesday morning in Asia.

The loonie pair’s rebound from an ascending trend line from October 27, as well as a horizontal area from early August, gains support from the bullish MACD signals to keep the buyers hopeful.

That said, a clear upside break of the 200-DMA level near 1.2570 is on the cards to challenge 50% and 61.8% Fibonacci retracement (Fibo.) levels of August-October downside, respectively near 1.2620 and 1.2700.

However, the 1.2765-70 and September’s peak near the 1.2900 threshold will challenge the pair buyers afterward.

Alternatively, a downside break of the 1.2500-2490 support area won’t offer a green pass to the USD/CAD bears as 23.6% Fibo. level of 1.2443 and multiple tops marked during the latest October can keep challenging the downside before the 1.2400 round figure.

In a case where the quote remains weak past 1.2400, the yearly low of 1.2288 will be in focus.

USD/CAD: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.2563
Today Daily Change	0.0047
Today Daily Change %	0.38%
Today daily open	1.2516

Trends
Daily SMA20	1.242
Daily SMA50	1.2538
Daily SMA100	1.2545
Daily SMA200	1.2473

Levels
Previous Daily High	1.2556
Previous Daily Low	1.2502
Previous Weekly High	1.2605
Previous Weekly Low	1.2387
Previous Monthly High	1.2739
Previous Monthly Low	1.2288
Daily Fibonacci 38.2%	1.2523
Daily Fibonacci 61.8%	1.2536
Daily Pivot Point S1	1.2493
Daily Pivot Point S2	1.247
Daily Pivot Point S3	1.2438
Daily Pivot Point R1	1.2548
Daily Pivot Point R2	1.2579
Daily Pivot Point R3	1.2602

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 sits at three-week highs above 0.7000 on hawkish RBA-speak

AUD/USD holds a positive bias for the fourth straight day, trading above 0.7000 in the Asian session on Wednesday and at three-week highs. RBA Deputy Governor Andrew Hauser's hawkish remarks and inflation concerns underpin the pair. However, the upside appears capped as the US Dollar attracts some buyers amid looming US-Iran uncertainty.

USD/JPY remains confined in a familiar range below 158.50

USD/JPY sees some dip-buying in the Asian session on Wednesday, though it remains confined within a multi-week range near 158.50 as the uncertainty over the timing of the next BoJ rate hike keeps Japanese Yen bulls on the defensive. Meanwhile, hawkish Fed expectations, bolstered by inflation risks stemming from volatile oil prices, underpin the US Dollar. However, looming intervention fears could limit JPY losses and cap the currency pair.

Gold Price Forecast: XAU/USD hits lows near $4,110 as yields, Oil pick up

Gold (XAU/USD) extends losses for the fourth consecutive day on Wednesday as a moderate pick up on US Treasury yields and higher Oil prices support a mild US Dollar (USD) recovery from Tuesday’s lows.

Bitcoin eyes a break above $85,000 as institutional demand returns

Bitcoin edges higher above $83,000, extending its rebound from the 50-day EMA near $80,786. US-listed BTC spot ETFs recorded over $23 million in net inflows on Tuesday, following Monday's $526 million, signaling a return of institutional demand.

What November 3 means for the Fed's rate path and the US Dollar

The USD faces a decisive period ahead of the November 3 midterm elections. While markets anticipate another interest rate increase from the Fed in December, the battle for control of Congress could reshape fiscal policy expectations and, indirectly, the path of US monetary policy in 2027.

The US Dollar fell. Gold didn't rally. That tells you everything

Gold (XAU/USD) is struggling to capitalize on a weaker US Dollar (USD), after repeatedly failing to establish itself above the $4,200 level. The precious metal remains confined to a relatively narrow trading range despite a combination of developments that would normally support higher prices.