USD/CAD Technical Analysis: Eyes confluence 4H 100-EMA and rising trendline

The USD/CAD is on the defensive at 1.3175, having breached the 4-hour 50-candle exponential moving average (EMA) earlier today.
The pullback from 1.3264 to 1.3175 validates the bearish divergence of the RSI seen on the 4-hour chart. Notably, the RSI has not dipped below 50.00.
On the daily chart, both 5-, 10-period EMAs are beginning to roll over in favor of the bears.
As a result, the spot looks set to test the support at 1.3147 - confluence of the ascending (bullish) 4H 100-period EMA and the trendline connecting the Oct. 1 and Oct. 24 lows. A deeper drop could be in the offing if the spot finds acceptance below that key support.

Omkar Godbole FXStreet Contributor

4-hour Chart

Trend: Bearish

USD/CAD

Overview:
    Last Price: 1.3174
    Daily change: -10 pips
    Daily change: -0.0758%
    Daily Open: 1.3184
Trends:
    Daily SMA20: 1.3137
    Daily SMA50: 1.3045
    Daily SMA100: 1.3068
    Daily SMA200: 1.2963
Levels:
    Daily High: 1.3253
    Daily Low: 1.3156
    Weekly High: 1.3233
    Weekly Low: 1.3056
    Monthly High: 1.3172
    Monthly Low: 1.2783
    Daily Fibonacci 38.2%: 1.3193
    Daily Fibonacci 61.8%: 1.3216
    Daily Pivot Point S1: 1.3143
    Daily Pivot Point S2: 1.3101
    Daily Pivot Point S3: 1.3046
    Daily Pivot Point R1: 1.3239
    Daily Pivot Point R2: 1.3294
    Daily Pivot Point R3: 1.3336

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

EUR/USD looks sidelined around 1.1850

EUR/USD remains on the back foot, extending its bearish tone and sliding towards the 1.1850 area to print fresh daily lows on Monday. The move lower comes as the US Dollar gathers modest traction, with thin liquidity and subdued volatility amplifying price swings amid the US market holiday.

GBP/USD flirts with daily lows near 1.3630

GBP/USD has quickly given back Friday’s solid gains, turning lower at the start of the week and drifting back towards the 1.3630 area. The focus now shifts squarely to Tuesday’s UK labour market report, which is likely to keep the quid firmly in the spotlight and could set the tone for Cable’s next move.

Gold battle around $5,000 continues

Gold is giving back part of Friday’s sharp rebound, deflating below the key $5,000 mark per troy ounce as the new week gets underway. Modest gains in the US Dollar are keeping the metal in check, while thin trading conditions, due to the Presidents Day holiday in the US, are adding to the choppy and hesitant tone across markets.

Bitcoin consolidates as on-chain data show mixed signals

Bitcoin price has consolidated between $65,700 and $72,000 over the past nine days, with no clear directional bias. US-listed spot ETFs recorded a $359.91 million weekly outflow, marking the fourth consecutive week of withdrawals.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.