USD/CAD Price Analysis: Bearish MACD keep sellers hopeful

USD/CAD fails to hold onto recovery gains, drops to the immediate support line.
A confluence of the weekly rising trend line and 38.2% Fibonacci retracement could challenge the bears afterward.
The bulls will need to defy the last weeks Doji formation to regain command.

Anil Panchal FXStreet

USD/CAD drops to the immediate rising support line, down 0.41% to 1.4435, amid the early Tuesday’s trading session. The pair fails to hold onto the previous day’s recovery gains while bearish MACD favors further declines.

As a result, sellers will aim for the weekly ascending trend line and 38.2% Fibonacci retracement of its March 15-19 upside, around 1.4300 during the sustained break below 1.4420 immediate support.

Should there be a clear downside past-1.4300, the pair becomes vulnerable to revisit Friday’s low near 1.4200 and 61.8% Fibonacci retracement around 1.4090.

On the upside, buyers can target 1.4670 on the successful break above 1.4550. However, the pair’s extended rise past-1.4670 will defy the latest Doji formation at the multi-month top and could escalate the run-up towards 1.4800 mark.

USD/CAD hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.4436
Today Daily Change	-58 pips
Today Daily Change %	-0.40%
Today daily open	1.4494

Trends
Daily SMA20	1.3769
Daily SMA50	1.3429
Daily SMA100	1.33
Daily SMA200	1.3249

Levels
Previous Daily High	1.456
Previous Daily Low	1.4337
Previous Weekly High	1.4668
Previous Weekly Low	1.3788
Previous Monthly High	1.3465
Previous Monthly Low	1.3202
Daily Fibonacci 38.2%	1.4475
Daily Fibonacci 61.8%	1.4422
Daily Pivot Point S1	1.4368
Daily Pivot Point S2	1.4241
Daily Pivot Point S3	1.4145
Daily Pivot Point R1	1.459
Daily Pivot Point R2	1.4687
Daily Pivot Point R3	1.4813

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 recedes to daily lows near 1.1850

EUR/USD keeps its bearish momentum well in place, slipping back to the area of 1.1850 to hit daily lows on Monday. The pair’s continuation of the leg lower comes amid decent gains in the US Dollar in a context of scarce volatility and thin trade conditions due to the inactivity in the US markets.

GBP/USD resumes the downtrend, back to the low-1.3600s

GBP/USD rapidly leaves behind Friday’s decent advance, refocusing on the downside and retreating to the 1.3630 region at the beginning of the week. In the meantime, the British Pound is expected to remain under the microscope ahead of the release of the key UK labour market report on Tuesday.

Gold looks inconclusive around $5,000

Gold partially fades Friday’s strong recovery, orbiting around the key $5,000 region per troy ounce in a context of humble gains in the Greenback on Monday. Additing to the vacillating mood, trade conditions remain thin amid the observance of the Presidents Day holiday in the US.

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.