USD/CAD technical analysis: Sellers dominate below 200-day EMA

USD/CAD extends south-run following heavy declines.
A negative candle after the Doji, coupled with bearish MACD, favor sellers.
Two-week-old resistance-line caps upside beyond the key EMA.

Anil Panchal FXStreet

Following losses on the daily candle after a bearish Doji, the USD/CAD pair declines to intra-day low of 1.3218 during early Wednesday.

In addition to downward signaling candlestick formation, a sustained trading below the 200-day exponential moving average (EMA) and bearish signals from the 12-bar moving average convergence and divergence (MACD) also indicate pair’s further south-run.

In doing so, 50% Fibonacci retracement of July-September upside, at 1.3200, could be the first to lure bears before pushing them towards an upward sloping trend-line since July 19, at 1.3182 now.

Should there be additional weakness past-1.3182, prices can revisit September month low nearing 1.3130.

On the upside, 38.2% Fibonacci retracement and 200-day EMA together limit the pair’s immediate advances around 1.3243/47, a break of which could trigger rise towards a fortnight-long falling trend-line, at 1.3290.

Additionally, pair’s sustained advances beyond 1.3290 enable it to challenge the previous month high nearing 1.3310.

USD/CAD daily chart

Trend: bearish

additional important levels

Overview
Today last price	1.3218
Today Daily Change	-4 pips
Today Daily Change %	-0.03%
Today daily open	1.3222

Trends
Daily SMA20	1.3235
Daily SMA50	1.3247
Daily SMA100	1.3254
Daily SMA200	1.3298

Levels
Previous Daily High	1.329
Previous Daily Low	1.321
Previous Weekly High	1.3305
Previous Weekly Low	1.3214
Previous Monthly High	1.3384
Previous Monthly Low	1.3134
Daily Fibonacci 38.2%	1.324
Daily Fibonacci 61.8%	1.326
Daily Pivot Point S1	1.319
Daily Pivot Point S2	1.316
Daily Pivot Point S3	1.3109
Daily Pivot Point R1	1.3271
Daily Pivot Point R2	1.3322
Daily Pivot Point R3	1.3352

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 flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.