USD/CAD Price Analysis: Keeps pullback from 50-DMA above 1.2620 key support

USD/CAD fades the previous day’s bounce from weekly low.
A confluence of 100-DMA, 50% Fibonacci retracement restrict short-term downside.
Steady RSI, bullish MACD signals keep buyers hopeful.
Previous support line, 50-DMA guards nearby advances ahead of January’s top.

Anil Panchal FXStreet

USD/CAD remains pressured around 1.2680 during Friday’s Asian session, following the previous day’s U-turn from 50-DMA.

Thursday’s pullback also marked the quote’s inability to cross the previous support line from January 19, around 1.2715.

However, a convergence of the 100-DMA and 50% Fibonacci retracement (Fibo.) of October-December 2021 upside, near 1.2620, becomes the key support to watch during the quote’s further weakness. That said, firmer RSI and MACD signals are in favor of buyers.

Hence, USD/CAD prices are likely to have a limited horizon to move during the key jobs report, between 1.2715 and 1.2620.

Should the quote drops below 1.2620, the mid-January peak near 1.2570 may entertain USD/CAD bears before directing them to the yearly low of 1.2450.

On the contrary, an upside clearance of 1.2715 resistance will direct the quote towards January’s peak of 1.2813.

USD/CAD: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.2679
Today Daily Change	-0.0011
Today Daily Change %	-0.09%
Today daily open	1.269

Trends
Daily SMA20	1.2616
Daily SMA50	1.2717
Daily SMA100	1.2625
Daily SMA200	1.2513

Levels
Previous Daily High	1.2716
Previous Daily Low	1.2658
Previous Weekly High	1.2797
Previous Weekly Low	1.2554
Previous Monthly High	1.2814
Previous Monthly Low	1.2451
Daily Fibonacci 38.2%	1.2693
Daily Fibonacci 61.8%	1.268
Daily Pivot Point S1	1.266
Daily Pivot Point S2	1.263
Daily Pivot Point S3	1.2603
Daily Pivot Point R1	1.2718
Daily Pivot Point R2	1.2746
Daily Pivot Point R3	1.2776

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 trims gains, hovers around 1.3520 on US CPI data

GBP/USD adds to the weekly move higher and keeps the trade above the 1.3500 threshold on Wednesday. Cable’s extra recovery follows the modest selling pressure on the Greenback after US CPI readings matched consensus in July.

EUR/USD retargets 1.1550 on US inflation

EUR/USD picks up some traction and flirts with the 1.1550 region on Wednesday. The pair’s modest advance comes as the US Dollar gathers some steam after US CPI data matched estimates last month.

Gold clings to gains above $4,400 post-US CPI

Gold reverses the recent weakness and reclaims the area past the $4,400 mark per troy ounce on Wednesday. The precious metal’s recovery picks up pace and exceedes the $4,400 level in the wake of the release of in-line US inflation figures in July and the marginal gains in the US Dollar.

Ripple lags recovery as exchange reserves expand

Ripple is trading within a broadly constrained technical structure, with support at $1.00 and key moving averages limiting its recovery potential. In August, the remittance token declined by approximately 6.5%, extending its total pullback to around 14% from July's $1.18 peak.

911 million shares freed: Why SpaceX rallied into its own supply

The most heavily trailed supply event of the year landed on August 6, and the SpaceX (SPCX) stock went up. Roughly 911.5 million shares held by insiders and early backers became eligible to trade, around 43% more than the entire float sold at the listing.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.