USD/CAD Price Prediction: Starting to decline again, possible resumption of downtrend

USD/CAD is declining again, possibly in a resumption of its prior downtrend.
The pair could be descending in a large Measured Move pattern with bearish targets.

Joaquin Monfort FXStreet

USD/CAD has started to creep lower again. The move comes after a three-day pullback from the September 25 low (blue rectangle on chart).

USD/CAD Daily Chart

It is possible that the correction has now run its course and, given the medium-term trend is probably bearish – and according to technical analysis theory “the trend is your friend” – the pair might be resuming its medium-term downtrend.

A move below 1.3457 (September 26 low) would confirm a resumption of the downtrend, probably to at least the 1.3420 low of September 25. A close below that, would provide bearish confirmation of more downside to the range lows – a zone beginning at around 1.3222 and ending at 1.3106.

USD/CAD appears to have formed a large zig-zag pattern known as a Measured Move after peaking on August 5. If so, then it augurs bearish for the pair as the downside target for the last wave C of the pattern is 1.3326 at a minimum, the 61.8% Fibonacci extension of wave A.

Author

Joaquin Monfort

FXStreet

Joaquin Monfort is a financial writer and analyst with over 10 years experience writing about financial markets and alt data. He holds a degree in Anthropology from London University and a Diploma in Technical analysis.

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Breaking: US and Israel attack Iran, risk aversion to sweep global markets

Early Saturday, United States (US) President Donald Trump announced that the US had begun “major combat operations” in Iran, following Israel’s pre-emptive missile attacks against Tehran.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.