USDCAD is in a trendless state within a horizontal channel since the pullback from the 4-year high of 1.4667, confined by the 1.4218 top and the 1.3854 base.

Technically, the neutral bias could stay in place in the short-term as the MACD is barely moving around its zero and signal lines, while the RSI has yet to show any sustainable recovery above the 50 level.

Should the price extend its latest rebound above the 1.4011 mark, which is the 38.2% Fibonacci of the upleg from 1.2950 to 1.4667, the bulls may push for a close above the 50-day simple moving average (SMA) and the 1.4100 level in order to re-challenge the upper surface of the channel at 1.4218. Breaking that ceiling, the focus will shift to the 1.4500 key resistance area if the 1.4320 barrier proves easy to overcome.

Otherwise, sellers may attempt to clear the 1.3854 floor to print a lower low near the trough of 1.3723 from March 16, confirming the negative trend signals that the bearish cross between the 20- and 50-day SMAs is currently sending. Another leg down could see the price stalling near the 61.8% Fibonacci of 1.3600, while lower all attention would turn to the 1.3516 support and the 200-day SMA at 1.3450.

All in all, USDCAD is trapped within a sideways channel and only a significant break out of the box could determine the market’s next direction.


Forex trading and trading in other leveraged products involves a significant level of risk and is not suitable for all investors.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex Analysis

Editors’ Picks

When is Japan’s data-dump and how could it affect the USD/JPY?

While the risk catalysts have recently been lighter, mainly due to the equities’ upbeat performances, the underlying fears aren’t yet wiped out. Technically, buyers keep targeting the 108.05/10 area comprising multiple highs marked since April-19.

Read more

AUD/USD: Upside momentum again fizzles around 11-week top, still above 0.6600

Having marked yet another failure to stay strong beyond 0.6650, AUD/USD remains depressed around 0.6640/35 at the start of Friday’s Asian session.Risk-tone remains positive as equities cheer hopes of further stimulus, economic restart.


Goldman Sachs puts Bitcoin on par with Gold

One of the world's largest investment banks, Goldman Sachs, announced a conference for its clients entitled “Implications of Current Inflation, Gold and Bitcoin Policies”

Read more

Gold: Limited gains below the $1730/oz level for XAU/USD

After bouncing from the 1690/1700 price zone XAU/USD is stalling below the 1730 resistance and the 50 SMA on the four chart. The picture is mixed as it seems the metal is challenging a tough resistance near the 1730 level.

Gold News

WTI oil prices rally on gasoline demand and hopes of output cuts’ extension

WTI crude oil prices have appreciated more than 5% on Thursday to reach $34 and approach two-month highs. Investors' optimism about an increase of gasoline demand and speculation of an OPEC+ deal to extend output cuts are driving crude prices higher.

Oil News

Forex Majors