USD/CAD Price Forecast: Bulls eye 1.3900 as RSI recovers
- USD/CAD rebounds from 1.3833 as buyers target 1.3900.
- Bearish RSI improves, signaling consolidation before possible downside.
- Break below 1.3844 exposes 1.3800 and 1.3730 support.
The USD/CAD pair bounces off daily lows at 1.3833 and is up about 0.26% on Wednesday, driven by sticky US inflation data, which triggered a jump to new weekly highs amid an ongoing short-term downturn. At the time of writing, the pair trades at 1.3873.
USD/CAD Price Forecast: Technical outlook
USD/CAD jumped after hitting the 1.3730 August 21 swing low and recovered some ground on its way to 1.3900. Momentum remains bearish, as seen in the Relative Strength Index (RSI), which is below its 50-neutral level but trending upward. In that case, the pair might consolidate before testing lower levels.
For a bullish continuation, the 1.3900 figure is up next. Above sits the 100-day Simple Moving Average (SMA) at 1.3914, ahead of the psychological 1.3950 and 1.4000.
Downward, the first USD/CAD support is the 200-day SMA at 1.3844. Beneath is the 1.3800 mark, ahead of the August 21 cycle low of 1.3730.
USD/CAD Price Chart – Daily
Canadian Dollar Price Today
The table below shows the percentage change of Canadian Dollar (CAD) against listed major currencies today. Canadian Dollar was the strongest against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.18% | 0.39% | 0.11% | 0.22% | -0.15% | 0.52% | 0.46% | |
| EUR | -0.18% | 0.22% | -0.07% | 0.05% | -0.31% | 0.35% | 0.28% | |
| GBP | -0.39% | -0.22% | -0.28% | -0.16% | -0.53% | 0.15% | 0.07% | |
| JPY | -0.11% | 0.07% | 0.28% | 0.11% | -0.26% | 0.42% | 0.34% | |
| CAD | -0.22% | -0.05% | 0.16% | -0.11% | -0.37% | 0.32% | 0.23% | |
| AUD | 0.15% | 0.31% | 0.53% | 0.26% | 0.37% | 0.69% | 0.58% | |
| NZD | -0.52% | -0.35% | -0.15% | -0.42% | -0.32% | -0.69% | -0.08% | |
| CHF | -0.46% | -0.28% | -0.07% | -0.34% | -0.23% | -0.58% | 0.08% |
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 Canadian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent CAD (base)/USD (quote).
Author
Christian Borjon Valencia
FXStreet
Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.
