USD/CAD Technical Analysis: Break of 1.3200-1.3195 support-area signals further downside

Anil Panchal FXStreet

USD/CAD daily chart

The USD/CAD dropped below 1.3195 during the early Asian trading on Wednesday.
The pair’s trading under February 13 low of 1.3195 signal extension to recent decline towards 1.3155 and a 200-day simple moving average of 1.3140.
However, an upward sloping support-line stretched since October 2018 and 61.8% Fibonacci retracement of October January upside can confine the pair’s additional south-run at 1.3110.
On the upside, 1.3285 and 50-day SMA level of 1.3335 could please the buyers ahead of challenging them with 1.3375.
In case prices rally beyond 1.3375, 1.3440 and 1.3500 might flash on bulls’ radar to target.

USD/CAD 4-Hour chart

The four-hour chart aptly portrays 1.3200-1.3195 support-zone, now resistance, and 1.3155 rest-point while emphasizing 1.3065 and 61.8% Fibonacci expansion of January to mid-February moves, at 1.2965 afterward.
Meanwhile, 1.3265 and 1.3300 appear as adjacent resistances to follow.

USD/CAD hourly chart

On hourly chart, the pair needs to validate its past-1.3195 dip by clearing 1.3150 support in order to entertain sellers with 1.3100 and 1.3065.
Alternatively, 1.3225 and 1.3250 can limit the pair’s close moves before 1.3265 and 1.3310 take charge.

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 stays below 1.1800 as markets await Fed speeches

EUR/USD remains trapped in a tight range below 1.1800 in the second half of the day on Tuesday. The pair struggles amid a modest US Dollar strength and an improvement in risk sentiment, even as US tariff uncertainty lingers. The focus now remains on comments from Federal Reserve officials.

GBP/USD stays defensive below 1.3500 as USD firms up

GBP/USD stays on the back foot below 1.3500 in the European trading hours on Tuesday. The pair declines as the US Dollar rebounds from losses recorded over the previous two sessions. Traders will focus on the US weekly ADP Employment Change and Consumer Confidence data due later in the day, along with speeches from Federal Reserve officials.

Gold retreats below $5,200 on renewed USD strength

Gold stages a deep correction following Monday's rally and trades below $5,200. Following the previous day's knee-jerk fall in reaction to US President Donald Trump's new global tariffs and the subsequent bounce, the US Dollar gathers strength and weighs on XAU/USD ahead of Fed policymakers' speeches.

Dogecoin, Shiba Inu, and Pepe extend losses on bearish signals

Meme coins are facing renewed selling pressure amid fading broad risk-on sentiment so far this week, with Dogecoin, Shiba Inu, and Pepe extending their losses after recent corrections.

AI-scare trade and tariff uncertainty takes hold

It was quite a day, with AI-disruption fears and tariff uncertainty triggering a risk-off session. By now, it's nearly impossible to have missed the Supreme Court's 6-3 decision that struck down US President Donald Trump's reciprocal tariffs last Friday.

Dogecoin, Shiba Inu, and Pepe extend losses on bearish signals

Meme coins are facing renewed selling pressure amid fading broad risk-on sentiment so far this week, with Dogecoin, Shiba Inu, and Pepe extending their losses after recent corrections.