USD/CAD Price Analysis: Immediate falling channel tames pullback near 1.3400

USD/CAD fails to extend U-turn from 1.3351 beyond 1.3417.
Bullish MACD raises fears of the channel break and attack to 200-HMA.
An eight-day-old falling trend line adds to the upside barrier.
June low becomes the key support holding gates for 1.3200.

Anil Panchal FXStreet

USD/CAD seesaws near 1.3400 during the early Friday’s Asian session. The loonie pair bounced off six-week low the previous day but failed to cross a downward sloping trend channel from July 21.

While MACD suggests the quote’s another confrontation to the 1.3410 resistance, there are multiple key upside barriers, like 200-HMA and a falling trend line from July 14, that could keep the bears hopeful.

Other than the 200-HMA level of 1.3522 and the said resistance line near 1.3555, July 16 lows around 1.3500 will also challenge the buyers during the pair’s rise past-1.3410.

On the contrary, 1.3370 and the channel’s support around 1.3340 can please the sellers ahead of diverting them to June month’s low near 1.3315.

Should the USD/CAD prices remain weak below 1.3315, also slip under 1.3300 mark, February 2020 bottom surrounding 1.3200 could gain the market attention.

USD/CAD hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.3402
Today Daily Change	-8 pips
Today Daily Change %	-0.06%
Today daily open	1.341

Trends
Daily SMA20	1.3558
Daily SMA50	1.3625
Daily SMA100	1.3842
Daily SMA200	1.3515

Levels
Previous Daily High	1.3428
Previous Daily Low	1.3352
Previous Weekly High	1.3646
Previous Weekly Low	1.3502
Previous Monthly High	1.3802
Previous Monthly Low	1.3316
Daily Fibonacci 38.2%	1.3432
Daily Fibonacci 61.8%	1.3451
Daily Pivot Point S1	1.3365
Daily Pivot Point S2	1.332
Daily Pivot Point S3	1.3289
Daily Pivot Point R1	1.3441
Daily Pivot Point R2	1.3473
Daily Pivot Point R3	1.3518

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.

GBP/USD loses momentum, flirts with 1.3200

GBP/USD is struggling to maintain its positive bias on Thursday, retreating toward the 1.3200 region in response to the pick in the buying interest around the Greenback. That said, Cable remains under scrutiny as cautious market sentiment keeps investors focused on the US-Iran conflict and political effervescence in the UK.

EUR/USD trims gains, challenges 1.1400

EUR/USD now gives away part of its earlier advance, receding toward the 1.1400 contention zone on Thursday. Meanwhile, the pair’s recovery comes amid extra losses in the US Dollar, at the time when while investors continue to monitor developments in the Middle East and sentiment surrounding global technology stocks.

Gold remains bid and close to $4,100

Gold accelerates its recovery and approaches the key $4,000 mark per troy ounce at the end of the week, adding to Thursday’s advance. However, expectations for a hawkish Fed remain steady and keep the yellow metal’s potential upside contained.

Crypto Today: Bitcoin at $60,000, Ethereum at $1,500, and XRP at $1 face a make-or-break test

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are trading in the red on Friday after three consecutive days of losses, testing their respective make-or-break support levels.

Week ahead – NFP report to challenge Dollar strength and the hawkish Fed

Dollar strength dominates markets, as the hawkish Fed overshadows geopolitics and lower oil prices. NFP week could drive September Fed hike expectations and boost market volatility. The euro lacks fresh bullish catalysts, all eyes on the preliminary inflation report and the ECB Forum.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.