USD/CAD Price Analysis: Struggles to keep the bounce off 21-day SMA

USD/CAD remains mildly offered between 1.3192 and 1.3208.
Bullish MACD, repeated pullbacks from 21-day SMA favor the buyers.
Sellers will have multiple downside barriers before refreshing the monthly low.

Anil Panchal FXStreet

USD/CAD stays heavy around 1.3193 during Monday’s Asian session. In doing so, the loonie pair fails to extend Friday’s gains from the 21-day SMA despite bullish MACD signals.

As a result, sellers are likely to have limited space, until the mentioned level of 1.3146, before stepping backward.

However, a daily close below the immediate SMA can direct USD/CAD sellers towards 1.3100 and 1.3050/45 supports before highlighting the monthly bottom near 1.2995.

On the flip side, the monthly top surrounding 1.3260 can entertain buyers during the fresh rise but a confluence of 50-day SMA and 38.2% Fibonacci retracement of June-September downside, close to 1.3270, may challenge the bulls afterward.

If at all the buyers manage to conquer 1.3270, the July month’s low surrounding 1.3330 will be in the spotlight.

USD/CAD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.3197
Today Daily Change	-8 pips
Today Daily Change %	-0.06%
Today daily open	1.3205

Trends
Daily SMA20	1.3144
Daily SMA50	1.3278
Daily SMA100	1.3499
Daily SMA200	1.352

Levels
Previous Daily High	1.3209
Previous Daily Low	1.3137
Previous Weekly High	1.3247
Previous Weekly Low	1.3128
Previous Monthly High	1.3451
Previous Monthly Low	1.302
Daily Fibonacci 38.2%	1.3182
Daily Fibonacci 61.8%	1.3165
Daily Pivot Point S1	1.3158
Daily Pivot Point S2	1.3112
Daily Pivot Point S3	1.3087
Daily Pivot Point R1	1.323
Daily Pivot Point R2	1.3255
Daily Pivot Point R3	1.3301

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 struggles to hold above 1.1800 ahead of US data

EUR/USD finds it difficult to gather recovery momentum and retreats below 1.1800 in the second half of the day on Thursday. The US Dollar (USD) stays resilient against its peers after the hawkish surprise in FOMC Minutes, weighing on the pair ahead of the next batch of US data.

GBP/USD recovers above 1.3500 amid better mood

GBP/USD finds fresh demand and rises back above 1.3500 in the European session on Thursday. Improving risk sentiment and renewed US Dollar weakness are helping the pair recover ground ahead of mid-tier US data releases and Fedspeak.

Gold retreats from daily highs, trades below $5,000

Gold finds it difficult to stabilize above the $5,000 psychological mark on Thursday and trades slightly below this level in the early American session. Escalating geopolitical tensions in the Middle East help XAU/USD hold its ground, while the broad-based USD strength caps the pair's upside.

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. The technical outlook suggests further gains if INJ breaks above key resistance.

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.