USD/CAD Price Analysis: Double-top emerges, targeting 1.2930

USD/CAD prepares to finish the week with decent losses of 0.27%.
Failure at around 1.3200 spurred a double-top formation in the USD/CAD daily chart, which targets 1.2930.
The USD/CAD in the near term is also downward biased.

Christian Borjon Valencia FXStreet

The USD/CAD slides for the second consecutive day, tumbling to fresh weekly lows at around 1.3077, after failing to break the YTD high at 1.3227 twice in September. At the time of writing, the USD/CAD is trading at 1.3089, above its opening price, as the Asian Pacific session begins.

USD/CAD Price Analysis: Technical outlook

The USD/CAD daily chart indicates the pair is neutral-upwards biased. Nevertheless, price action during the last seven days witnessed a double-top formation, meaning that downside risks remain. Therefore, the USD/CAD first support would be the neckline at around 1.3074. A break below will expose an upslope trendline that passes around 1.3060, followed by the 20-day EMA at 1.3029. Once cleared, the next demand zone would be the 50-day EMA at 1.2952, followed by the double-top target at 1.2930.

Short term, the USD/CAD 4-hour chart depicts a trendline break, which also confluences with Friday’s daily pivot point at around 1.3110. However, a break below 1.3077 would exacerbate a move towards the confluence of the S1 daily pivot and the 100-EMA around 1.3048-60, which, once cleared, would pave the way towards the S2 pivot point at 1.3037, followed by the S3 daily pivot at 1.2975.

USD/CAD Key Technical Levels

USD/CAD

Overview
Today last price	1.3089
Today Daily Change	-0.0034
Today Daily Change %	-0.26
Today daily open	1.3123

Trends
Daily SMA20	1.3002
Daily SMA50	1.2948
Daily SMA100	1.2884
Daily SMA200	1.2782

Levels
Previous Daily High	1.3209
Previous Daily Low	1.3111
Previous Weekly High	1.3208
Previous Weekly Low	1.2972
Previous Monthly High	1.3141
Previous Monthly Low	1.2728
Daily Fibonacci 38.2%	1.3148
Daily Fibonacci 61.8%	1.3171
Daily Pivot Point S1	1.3086
Daily Pivot Point S2	1.3049
Daily Pivot Point S3	1.2988
Daily Pivot Point R1	1.3184
Daily Pivot Point R2	1.3246
Daily Pivot Point R3	1.3282

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.

EUR/USD remains below 1.1850 after US data

EUR/USD struggles to gain traction and trades in a narrow range below 1.1850 on Wednesday. The US Dollar stays resilient against its rivals following the better-than-expected Durable Goods Orders and housing data, limiting the pair's upside ahead of FOMC Minutes.

GBP/USD stays in narrow channel above 1.3550 ahead of FOMC Minutes

GBP/USD holds its ground following Tuesday's slide and moves sideways above 1.3550 midweek. Although the data from the UK confirmed that inflation cooled in January, the positive shift seen in market mood helps the pair keep its footing as investors wait for the Fed to publish the minnutes of the January policy meeting.

Gold regains some shine, retargets $5,000 ahead of FOMC Minutes

Gold gathers fresh upside traction on Wednesday, leaving part of the weakness seen at the beginning of the week and refocusing its attention to the key $5,000 mark per troy ounce, all ahead of the release of the FOMC Minutes and despite the modest uptick in the US Dollar.

Pi Network rally defies market pressure ahead of its first anniversary

Pi Network is trading above $0.1900 at press time on Wednesday, extending the weekly gains by nearly 8% so far. The steady recovery is supported by a short-term pause in mainnet migration, which reduces pressure on the PI token supply for Centralized Exchanges. The technical outlook focuses on the $0.1919 resistance as bullish momentum increases.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Top 3 Price Prediction: Bitcoin, Ethereum, and Ripple face downside risk as bears regain control

Bitcoin, Ethereum, and Ripple remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.