USD/CAD Price Analysis: Sellers can ignore pullback from 1.3100

USD/CAD bounces off the fresh low since late-January 2020.
A two-day-old falling trend channel, 200-bar SMA question the recovery moves.
Weekly support line adds to the downside filter ahead of 1.3050/45 area.

Anil Panchal FXStreet

USD/CAD picks up bids near 1.3130 during the early Asian session on Friday. The loonie pair refreshed seven-month low the previous day before taking a U-turn from 1.3101.

Even so, a short-term descending channel and the pair’s sustained trading below the key 200-bar SMA keeps the sellers hopeful.

As a result, any upside below 1.3175 level, comprising 200-bar SMA, becomes ephemeral to be considered. Though, the pair’s break of the channel’s resistance, at 1.3150 now, can offer mild push to the north.

If at all the pair manages to cross 1.3175, multiple resistances around 1.3240/45 have been restricting the rise since August 20.

Meanwhile, a downward sloping trend line from August 24, at 1.3100 can offer immediate support to the pair ahead of the channel’s support near 1.3090.

Given the bears’ power-play below 1.3090, the 1.3050/45 region including lows marked during late-January 2020 will be the key.

USD/CAD 30-minute chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.3125
Today Daily Change	-19 pips
Today Daily Change %	-0.14%
Today daily open	1.3144

Trends
Daily SMA20	1.3269
Daily SMA50	1.3432
Daily SMA100	1.3651
Daily SMA200	1.353

Levels
Previous Daily High	1.3205
Previous Daily Low	1.3132
Previous Weekly High	1.3265
Previous Weekly Low	1.3133
Previous Monthly High	1.3646
Previous Monthly Low	1.3331
Daily Fibonacci 38.2%	1.316
Daily Fibonacci 61.8%	1.3177
Daily Pivot Point S1	1.3116
Daily Pivot Point S2	1.3088
Daily Pivot Point S3	1.3043
Daily Pivot Point R1	1.3189
Daily Pivot Point R2	1.3234
Daily Pivot Point R3	1.3262

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 holds losses near 1.1850 as US, China holidays keep trade muted

EUR/USD opens the week on a softer note, trading near 1.1860 during the Asian session on Monday. Activity is likely to remain muted, with United States markets closed for the Presidents’ Day holiday, while Mainland China is also shut for the week-long Lunar New Year break.

GBP/USD flat lines as traders await key UK macro data and FOMC minutes

The GBP/USD pair kicks off a new week on a subdued note and oscillates in a narrow range, just below mid-1.3600s, during the Asian session. Moreover, the mixed fundamental backdrop warrants some caution for aggressive traders as the market focus now shifts to this week's important releases from the UK and the US.

Gold remains below $5,050 despite Fed rate cut bets, uncertain geopolitical tensions

Gold edges lower after registering over 2% gains in the previous session, trading around $5,030 per troy ounce during the Asian hours on Monday. However, the non-interest-bearing Gold could further gain ground following softer January Consumer Price Index figures, which reinforced expectations that the Federal Reserve could cut rates later this year.

Top Crypto Losers: Dogecoin, Zcash, Bonk – Meme and Privacy coins under pressure

Meme coins such as Dogecoin and Bonk, alongside the privacy coin Zcash (ZEC), are leading the broader market losses over the last 24 hours. DOGE, ZEC, and BONK ended their three consecutive days of recovery with a sudden decline on Sunday, as crucial resistance levels capped the gains. Technically, the altcoins show downside risk, starting the week under pressure.

Global inflation watch: Signs of cooling services inflation

Realized inflation landed close to expectations in January, as negative base effects weighed on the annual rates. Remaining sticky inflation is largely explained by services, while tariff-driven goods inflation remains limited even in the US.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.