USD/CAD technical analysis: Recovery fails to cross key resistance-confluence

USD/CAD buyers fall short of clearing 1.3245/50 resistance-confluence.
50% Fibonacci retracement, 200-bar SMA adds to the resistance.

Anil Panchal FXStreet

Following its failure to rise past near-term key trend lines, USD/CAD witnesses a pullback to 1.3225 during Tuesday’s Asian session.

Not only a downward slopping trend line connecting tops marked since last week but an upward sloping resistance line (previous support) ranging from early September also contributes to highlighting 1.3245/50 as a tough nut to crack for buyers.

As a result, prices are likely to revisit 23.6% Fibonacci retracement of September month declines, at 1.3193 ahead of diverting sellers to 1.3160 and 1.3130 rest-points.

On the contrary, pair’s successful break above 1.3250 needs to clear 1.3255/60 area comprising 50% Fibonacci retracement and 200-bar Simple Moving Average (SMA) to justify its strength in targeting 1.3290 and 1.3310 numbers to the north.

USD/CAD 4-hour chart

Trend: pullback expected

additional important levels

Overview
Today last price	1.3228
Today Daily Change	28 pips
Today Daily Change %	0.21%
Today daily open	1.32

Trends
Daily SMA20	1.3273
Daily SMA50	1.3267
Daily SMA100	1.3243
Daily SMA200	1.3287

Levels
Previous Daily High	1.3302
Previous Daily Low	1.317
Previous Weekly High	1.3348
Previous Weekly Low	1.317
Previous Monthly High	1.3384
Previous Monthly Low	1.3134
Daily Fibonacci 38.2%	1.3221
Daily Fibonacci 61.8%	1.3251
Daily Pivot Point S1	1.3147
Daily Pivot Point S2	1.3093
Daily Pivot Point S3	1.3016
Daily Pivot Point R1	1.3278
Daily Pivot Point R2	1.3355
Daily Pivot Point R3	1.3409

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 trims losses, back to 1.1830

EUR/USD manages to regain some composure, leaving behind part of the earlier losses and reclaim the 1.1830 region on Tuesday. In the meantime, the US Dollar’s upside impulse loses some momentum while investors remain cautious ahead of upcoming US data releases, including the FOMC Minutes.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

Crypto Today: Bitcoin, Ethereum, XRP upside looks limited amid deteriorating retail demand

The cryptocurrency market extends weakness with major coins including Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trading in sideways price action at the time of writing on Tuesday.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.