USD/CAD Price Analysis: Hovers around 1.3530, awaits Fed Powell's speech

USD/CAD could extend its losses toward the 1.3500 psychological support level.
Technical indicators suggest bearish momentum in the pair.
A break above the 1.3550 could reach the seven-day EMA at 1.3596.

Akhtar Faruqui FXStreet

USD/CAD extends its losses for the second successive day, trading lower around 1.3530 during the European session on Friday. The weakened US Dollar (USD) exerts pressure and undermines the pair. Furthermore, the rebound in WTI prices could provide support to the Canadian Dollar (CAD), consequently putting downward pressure on the USD/CAD pair.

The technical indicators for the USD/CAD pair support the current downward trend. The Moving Average Convergence Divergence (MACD) line is below the centerline and shows the divergence below the signal line, indicating a bearish momentum in the USD/CAD pair.

Furthermore, the 14-day Relative Strength Index (RSI) below 50 indicates a dovish sentiment, indicating that the USD/CAD pair could meet the support around the psychological level around 1.3500, followed by the next support at 1.3450 level.

On the upside, the major level at 1.3550 could act as a key barrier following the seven-day Exponential Moving Average (EMA) at 1.3596 lined up with the psychological level at 1.3600.

A decisive breakthrough above the latter could open the doors for the USD/CAD pair to explore the barrier around 23.6% Fibonacci retracement at 1.3621.

A resurgence in the US Dollar (USD) could motivate the bulls in the USD/CAD pair to target the significant level at 1.3650, with the possibility of reaching the weekly high at 1.3661 if it successfully surpasses the mentioned resistance.

USD/CAD: Daily Chart

USD/CAD: other technical levels to watch

Overview
Today last price	1.3533
Today Daily Change	-0.0036
Today Daily Change %	-0.27
Today daily open	1.3569

Trends
Daily SMA20	1.3699
Daily SMA50	1.3685
Daily SMA100	1.356
Daily SMA200	1.3518

Levels
Previous Daily High	1.3627
Previous Daily Low	1.3552
Previous Weekly High	1.3766
Previous Weekly Low	1.3594
Previous Monthly High	1.3899
Previous Monthly Low	1.3541
Daily Fibonacci 38.2%	1.3581
Daily Fibonacci 61.8%	1.3598
Daily Pivot Point S1	1.3539
Daily Pivot Point S2	1.3508
Daily Pivot Point S3	1.3464
Daily Pivot Point R1	1.3613
Daily Pivot Point R2	1.3657
Daily Pivot Point R3	1.3687

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

EUR/USD trims some losses, back to 1.1770

EUR/USD remains on the back foot on Thursday, managing to regain some composure and reclaim the 1.1770 region after bottoming out near 1.1740 earlier in the day. The pair’s daily retracement comes as the US Dollar extends its recovery, buoyed by another round of solid US data that has reinforced the Greenback’s underlying strength and kept buyers firmly in control.

GBP/USD bounces off monthly lows near 1.3430

GBP/USD is sliding in tandem with its risk-sensitive peers, drifting back towards the 1.3430 area, its lowest levels in the month. The move reflects a firmer Greenback, supported by another round of solid US data and a somewhat divided FOMC Minutes.

Gold surrenders some gains, back below $5,000

Gold is giving away part of its earlier gains on Thursday, receding to the sub-$5,000 region per troy ounce. The precious metal is finding support from renewed geopolitical tensions in the Middle East and declining US Treasury yields across the curve in a context of further advance in the Greenback.

Ripple slips toward $1.40 despite SG-FORGE tapping protocol for EUR CoinVertible

XRP extends its decline, nearing $1.40 support, as risk appetite fades in the broader market. SG-FORGE’s EUR CoinVertible launches on the XRP Ledger, leveraging the blockchain’s scalability, speed, security, and decentralization.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.