USD/CAD Price Analysis: Buyers will look for entry above 200-day EMA

USD/CAD fails to extend the pullback from the key EMA, bounces off 38.2% Fibonacci retracement.
A monthly rising trend line portrays the short-term recovery.
50% Fibonacci retracement, a falling trendline since May 2019 add to the resistance.

Anil Panchal FXStreet

Following its failure to cross 200-day EMA, USD/CAD trades near 1.3165 during early Wednesday. In doing so, the quote bounces off 38.2% Fibonacci retracement of its fall from May 2019 to the current month’s low.

Considering bullish MACD and the recent pullback from 38.2% Fibonacci retracement, prices can again attempt to cross 200-day EMA, at 1.3195 now. Even so, 50% Fibonacci retracement near 1.3235 and a medium-term descending trend line near 1.3250 can keep the bulls chained.

Should there be a clear break of 1.3250, the bulls could aim for November 2019 top surrounding 1.3330.

On the downside, monthly rising trend ascending support line at 1.3080 holds the key to further declines towards 1.3000 and the January 01 low of 1.2900.

USD/CAD daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	1.3162
Today Daily Change	-4 pips
Today Daily Change %	-0.03%
Today daily open	1.3166

Trends
Daily SMA20	1.3063
Daily SMA50	1.3145
Daily SMA100	1.3179
Daily SMA200	1.3232

Levels
Previous Daily High	1.3208
Previous Daily Low	1.3164
Previous Weekly High	1.3174
Previous Weekly Low	1.3036
Previous Monthly High	1.3322
Previous Monthly Low	1.2951
Daily Fibonacci 38.2%	1.3181
Daily Fibonacci 61.8%	1.3191
Daily Pivot Point S1	1.3151
Daily Pivot Point S2	1.3135
Daily Pivot Point S3	1.3107
Daily Pivot Point R1	1.3195
Daily Pivot Point R2	1.3223
Daily Pivot Point R3	1.3239

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 ticks higher to near 1.1800 ahead of German inflation data

EUR/USD trades marginally higher to near 1.1800 in the European session on Friday, helped by renewed US Dollar weakness. Attention now turns toward the release of the preliminary inflation data for February from Germany and its major states during the day.

GBP/USD struggles near 1.3500 amid UK political drama, BoE easing bias

GBP/USD struggles to build on the overnight modest bounce from the weekly low and oscillates in a narrow band near 1.3500 in European trading on Friday. The Gorton and Denton by-election, held on February 26, has become a focal point of political drama in the UK, along with the Bank of England (BoE) easing expectations, acts as a headwind for the British Pound and the GBP/USD pair.

Gold flat lines below $5,200; traders look to US PPI for fresh impetus

Gold struggles to capitalize on its modest gains registered over the past two days and trades below the $5,200 mark through the first half of the European session on Friday. Geopolitical risks remain in play amid a large US naval and air power buildup in the Middle East.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

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.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.