USD/CAD Price Analysis: Rises to near 1.3750 nearing lower boundary of rising channel

USD/CAD could test the lower boundary of the rising channel, potentially rebounding to re-enter the rising channel.
A break below the 50 level on the 14-day RSI could indicate the emergence of a bearish bias.
The pair may find immediate support at the psychological level of 1.3700 and the 21-day EMA of 1.3697 level.

Akhtar Faruqui FXStreet

USD/CAD breaks its three-day losing streak, trading around 1.3730 during the European session on Thursday. Analysis of the daily chart suggests a weakening bullish bias for the USD/CAD pair, as it has broken below the rising channel pattern. However, the 14-day Relative Strength Index (RSI) is still positioned slightly above the 50 level. Further movement may give a clear directional indication.

Additionally, the momentum indicator Moving Average Convergence Divergence (MACD) suggests a bullish trend for the pair as the MACD line is positioned above the centerline, it shows divergence above the signal line.

The USD/CAD pair may test the lower boundary of the rising channel around the level of 1.3760, followed by the key barrier at the psychological level of 1.3800. A return to the rising channel could reinforce the bullish bias and support the pair to explore the region April’s high of 1.3846.

A break above the latter could lead the USD/CAD pair to approach the upper threshold of the rising channel around the level of 1.3870.

On the downside, the USD/CAD pair could find immediate support at the psychological level of 1.3700, aligned with the 21-day Exponential Moving Average (EMA) of 1.3697 level. A break below this level could exert pressure on the pair to navigate the region of the throwback support at 1.3590.

USD/CAD: Daily Chart

USD/CAD

Overview
Today last price	1.3732
Today Daily Change	0.0008
Today Daily Change %	0.06
Today daily open	1.3724

Trends
Daily SMA20	1.3679
Daily SMA50	1.3685
Daily SMA100	1.3598
Daily SMA200	1.358

Levels
Previous Daily High	1.3761
Previous Daily Low	1.368
Previous Weekly High	1.3768
Previous Weekly Low	1.3603
Previous Monthly High	1.3783
Previous Monthly Low	1.359
Daily Fibonacci 38.2%	1.3711
Daily Fibonacci 61.8%	1.373
Daily Pivot Point S1	1.3682
Daily Pivot Point S2	1.3641
Daily Pivot Point S3	1.3601
Daily Pivot Point R1	1.3763
Daily Pivot Point R2	1.3802
Daily Pivot Point R3	1.3844

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

GBP/USD defends 1.3300 after strong UK PMI data

Following Thursday's sharp decline, GBP/USD clings to small gains above 1.3300 in the American session on Friday, supported by the upbeat UK Retail Sales and July PMI data. Nevertheless, the pair's upside remains capped as investors cling to a cautious stance amid a further escalation of tensions in the Middle East. The US July PMI data failed to trigger relevant price action.

EUR/USD remains below 1.1400 after mixed US PMIs

EUR/USD pressures daily lows below the 1.1400 mark in the American session on Friday. Mixed S&P Global PMIs, as manufacturing output contracted while services activity expanded in July, triggered no relevant market reaction. The focus remains in Middle East developments and inflation-related concerns.

Gold holds above $4,050 but momentum still missing

Gold builds on its modest intraday bounce and climbs above the $4,050 level on Friday, hitting a fresh daily high amid a modest US Dollar pullback. The fundamental backdrop, however, warrants some caution before confirming that the pullback from an over two-week high, touched on Wednesday, has run its course and positioning for any meaningful upside.

Ethereum: Derivatives interest in ETH improves, but signs of caution remain

Ethereum is hovering slightly below the $1,900 level, down 3% on Thursday following a slight expansion in derivatives interest. The top altcoin's open interest has increased to 14.60 million ETH, marking a 600K ETH increase over the past two days and its highest level since June 7.

XRP retreats as ETF interest cools

Ripple (XRP) slides toward the short-term $1.10 support on Friday, as broader crypto market sentiment weighs on crypto assets. The sell-off mainly stems from fears of inflation in the United States (US) amid the ongoing war in the Middle East and rising Oil prices.

US Dollar mid-year outlook: Exceptional currency, exceptional risks?

The US Dollar enters the second half of 2026 in a markedly different position from a year ago. The King currency has recovered, reflecting persistent US inflation, changing expectations for Fed policy, geopolitical tensions and renewed demand for defensive assets.