USD/CAD Price Forecast: Hits 14-month highs above 1.4150 as bullish bias prevails

USD/CAD hit a 14-month high of 1.4159 on Friday, meeting the ascending channel top.
The 14-day Relative Strength Index near 85 hints at stretched upside momentum, though the broader structure remains supported.
The pair may find primary support at the nine-day EMA of 1.4038.

Akhtar Faruqui FXStreet

USD/CAD holds ground for the seventh consecutive day, trading around 1.4140 during the European hours on Friday. The technical analysis of the daily chart indicates the pair is moving upwards within the ascending channel pattern, signaling a persistent bullish bias.

The USD/CAD pair is retaining a bullish near-term bias as it holds well above both the nine-day and 50-day Exponential Moving Averages (EMAs). The steeply overbought reading in the 14-day Relative Strength Index near 85, however, hints that upside momentum could be stretched even as the broader structure remains supported.

The USD/CAD pair reached a 14-month high of 1.4159 on June 19, aligned with the upper boundary of the ascending channel. A sustained break above this confluence resistance zone would open the door for further gains.

The initial support lies at the nine-day EMA of 1.4038. A break below the short-term price average would weaken the price momentum and put downward pressure on the pair to test the lower boundary of the ascending channel around 1.3940. Further declines would explore the region around the 50-day EMA at 1.3850.

(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 weakest against the Japanese Yen.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.14%	0.09%	-0.03%	0.04%	0.04%	0.30%	0.31%
EUR	-0.14%		-0.05%	-0.18%	-0.10%	-0.09%	0.14%	0.17%
GBP	-0.09%	0.05%		-0.13%	-0.06%	-0.02%	0.22%	0.23%
JPY	0.03%	0.18%	0.13%		0.07%	0.11%	0.32%	0.34%
CAD	-0.04%	0.10%	0.06%	-0.07%		0.05%	0.25%	0.27%
AUD	-0.04%	0.09%	0.02%	-0.11%	-0.05%		0.22%	0.25%
NZD	-0.30%	-0.14%	-0.22%	-0.32%	-0.25%	-0.22%		0.00%
CHF	-0.31%	-0.17%	-0.23%	-0.34%	-0.27%	-0.25%	-0.01%

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

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.

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