USD/CAD Price Analysis: Bulls pierce multi-month resistance, setting their sights on 1.3500

USD/CAD climbs, bolstered by elevated US Treasury bond yields, aiming for a daily close above 1.3450.
The USD/CAD bearish bias will resume below 1.3400, as sellers would eye the 200-DMA.

Christian Borjon Valencia FXStreet

USD/CAD climbs in the mid-North American session and tests a six-month-old resistance trendline that passes at around 1.3440. Though the USD/CAD bias remains neutral-to-downward biased, it could shift neutral if the pair reclaims the 100-day Exponential Moving Average (EMA). At the time of writing, the USD/CAD is trading at 1.3444 after reaching a low of 1.3384.

USD/CAD Price Action

Given the backdrop, the USD/CAD could continue to rally and test the 20-day EMA at 1.3483 in the near term, which will immediately expose the 100-day EMA at 1.3500. Once that psychological resistance level is cleared, the bias shifts to neutral. A breach of the latter and the USD/CAD can test the 50-day EMA at 1.3525 before aiming for the 1.3600 figure.

Conversely, a USD/CAD bearish resumption will happen if the latest leg-up struggles to crack 1.3450. If that scenario plays out, coupled with the Relative Strength Index (RSI) staying in bearish territory, the USD/CAD could re-test 1.3400, followed by the 200-day EMA at 1.3378. A break below will turn the USD/CAD pair bearish and open the door to test the YTD low at 1.3262.

USD/CAD Daily Chart

USD/CAD

Overview
Today last price	1.3446
Today Daily Change	0.0056
Today Daily Change %	0.42
Today daily open	1.339

Trends
Daily SMA20	1.3515
Daily SMA50	1.3562
Daily SMA100	1.3528
Daily SMA200	1.3405

Levels
Previous Daily High	1.34
Previous Daily Low	1.336
Previous Weekly High	1.3554
Previous Weekly Low	1.3301
Previous Monthly High	1.3862
Previous Monthly Low	1.3508
Daily Fibonacci 38.2%	1.3375
Daily Fibonacci 61.8%	1.3384
Daily Pivot Point S1	1.3367
Daily Pivot Point S2	1.3343
Daily Pivot Point S3	1.3327
Daily Pivot Point R1	1.3406
Daily Pivot Point R2	1.3423
Daily Pivot Point R3	1.3446

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

GBP/USD declines to near 1.3500 as US-Iran tensions rise

The GBP/USD pair declines to near 1.3500 during the early European trading hours on Wednesday. Ongoing tensions in the Middle East provide some support to a safe-haven currency such as the US Dollar against the British Pound. All eyes will be on the US August jobs report later on Friday.

EUR/USD falls to two-week low below 1.1600 on broad USD strength

EUR/USD remains under bearish pressure after closing in negative territory on Tuesday and trades at its lowest level in two weeks below 1.1600 on Wednesday. As tensions in the Middle East escalate further, the US Dollar gathers strength on risk-aversion and hawkish Fed repricing, forcing the pair to stay on the back foot. Later in the day, private sector employment data from the US will be watched closely by market participants.

Gold: Hawkish Fed prospects drag further below $4,300

Gold extends its decline on Wednesday, facing enormous pressure due to surging United States Treasury Yields and rising oil prices. In Asian trade on Wednesday, 10-year US Treasury Yields hit a record high at 4.81%, the highest level seen since November 2023. In Wednesday’s session, investors will keep an eye on the US ADP Employment Change data for August.

WTI advances to mid-$90.00s, fresh high since July 24 amid escalating US-Iran tensions

West Texas Intermediate (WTI) – the benchmark US Crude Oil price – scales higher for the third straight day – also marking the fifth day of a positive move in the previous six – and climbs to a fresh high since July 24 during the Asian session on Wednesday.

Top 3 Price Prediction: BTC, ETH, XRP under pressure as momentum indicators flag early bearish signals

Bitcoin, Ethereum, and Ripple remain under pressure, with technical indicators suggesting early weakening momentum across the top three cryptocurrencies following massive gains in August. BTC shows early bearish signals, while ETH has extended its pullback after rejection near $2,500. Meanwhile, XRP is consolidating below key support, keeping the outlook cautious.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.