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USD/CAD Price Forecast: Falls to near 1.3550 as bearish bias persists

  • USD/CAD may find the initial support at the psychological level of 1.3500.
  • The 14-day Relative Strength Index falls toward the mid-30s, confirming a bearish bias.
  • Primary resistance is seen at the nine-day EMA near 1.3629.

USD/CAD continues to lose ground for the second successive session, trading around 1.3550 during the early European hours on Monday. The technical analysis of the daily chart shows the pair remains within the descending channel pattern, suggesting a persistent bearish bias.

Additionally, the short-term bias leans bearish as the USD/CAD pair holds below the nine- and 50-day Exponential Moving Averages (EMAs), which continue to cap rebounds and underline a softening short-term trend. The pair has slipped back from the mid-1.36s, reinforcing a sequence of lower closes and keeping sellers in control beneath the medium-term average around 1.37.

The 14-day Relative Strength Index (RSI) has retreated toward the mid-30s from above 50, signaling a bearish bias confirmation and keeping the focus on downside pressure rather than recovery.

The initial support lies at the psychological level of 1.3500. A break below this level would put downward pressure on the USD/CAD pair to navigate the region around the lower boundary of the descending channel around 1.3290.

On the upside, the primary resistance lies at the nine-day EMA of 1.3629, followed by the 50-day EMA at 1.3700 and the upper boundary of the channel around 1.3730. A break above the channel would signal a stronger recovery and target the three-month high of 1.3928, recorded on January 16.

USD/CAD: Daily Chart

(The technical analysis of this story was written with the help of an AI tool.)

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 British Pound.

USDEURGBPJPYCADAUDNZDCHF
USD0.45%0.52%0.40%-0.23%0.27%0.26%0.37%
EUR-0.45%0.07%-0.05%-0.68%-0.18%-0.18%-0.08%
GBP-0.52%-0.07%-0.13%-0.74%-0.25%-0.25%-0.14%
JPY-0.40%0.05%0.13%-0.64%-0.14%-0.15%-0.04%
CAD0.23%0.68%0.74%0.64%0.50%0.50%0.61%
AUD-0.27%0.18%0.25%0.14%-0.50%-0.01%0.11%
NZD-0.26%0.18%0.25%0.15%-0.50%0.00%0.11%
CHF-0.37%0.08%0.14%0.04%-0.61%-0.11%-0.11%

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

Akhtar Faruqui

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.

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