USD/CAD Price Forecasts: Bears are testing 1.4070 support
|- The US Dollar accelerated its reversal against the CAD and hit weekly lows at 1.4070.
- Soft US macroeconomic data has boosted hopes of a Fed rate cut in December.
- From a technical perspective, the immediate trend remains bearish while below 1.4100.
The US Dollar is accelerating its reversal from last week’s highs above 1.4100 on Wednesday, with sellers testing support near 1.4070 as a raft of delayed US data releases keeps giving reasons for Federal Reserve doves to call for an easier monetary policy.
US macroeconomic figures released on Tuesday showed a weaker-than-expected consumer spending in September, while producer prices remained steady, and consumer confidence deteriorated, weighed by higher prices and worsening job prospects. The data prompted investors to ramp up bets of a Fed rate cut in December
Technical analysis: Bears remain in control while below 1.4100
The technical picture shows the pair under increasing bearish pressure after breaking support at 1.4090. The 4-hour Relative Strength Index (RSI) stands at 47 (neutral), having eased from earlier elevated readings. The Moving Average Convergence Divergence (MACD) slips below the zero line, suggesting an increasing negative pressure.
The 38.2% Fibonacci retracement of the November 18-21 rally, at 1.4069, offers nearby support, ahead of the November 20 low at the 1.4040 area, and the 61.8% support of the mentioned cycle, a common target for corrections, that lies right above 1.4030.
Upside attempts, on the contrary, are likely to be challenged at the previous support level of 1.4090, which closes the path towards the November 21 and 25 highs between 1.4125 and 1.4135.
(The technical analysis of this story was written with the help of an AI tool)
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.11% | -0.09% | 0.16% | -0.14% | -0.45% | -1.03% | -0.18% | |
| EUR | 0.11% | 0.02% | 0.27% | -0.03% | -0.34% | -0.92% | -0.07% | |
| GBP | 0.09% | -0.02% | 0.25% | -0.05% | -0.35% | -0.94% | -0.09% | |
| JPY | -0.16% | -0.27% | -0.25% | -0.30% | -0.60% | -1.19% | -0.33% | |
| CAD | 0.14% | 0.03% | 0.05% | 0.30% | -0.32% | -0.90% | -0.04% | |
| AUD | 0.45% | 0.34% | 0.35% | 0.60% | 0.32% | -0.59% | 0.27% | |
| NZD | 1.03% | 0.92% | 0.94% | 1.19% | 0.90% | 0.59% | 0.86% | |
| CHF | 0.18% | 0.07% | 0.09% | 0.33% | 0.04% | -0.27% | -0.86% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.