USD/CAD Price Forecast: Holds ground above 1.3700 near 50-day EMA
- USD/CAD may find an initial barrier at the 50-day EMA of 1.3748.
- The market bias is bullish as the 14-day RSI is positioned above the 50 level.
- The primary support appears at the nine-day EMA of 1.3688.
The USD/CAD pair remains stronger for the fourth successive day, trading around 1.3720 during the European hours on Wednesday. The technical analysis of the daily chart suggests a prevailing bearish sentiment as the pair consolidates within the descending channel pattern.
However, the 14-day Relative Strength Index (RSI) is positioned above the 50 level, indicating a bullish bias is active. Additionally, the USD/CAD pair remains above the nine-day Exponential Moving Average (EMA), indicating that short-term momentum is strengthening.
On the upside, the USD/CAD pair is poised to test the immediate barrier at the 50-day EMA of 1.3748, aligned with the descending channel’s upper boundary around 1.3750. A break above this crucial resistance zone would improve the medium-term price momentum and support the pair to explore the region around the three-month high of 1.4016, which was reached on May 13.
The USD/CAD pair may target primary support at the nine-day EMA of 1.3688. A break below this level could weaken the short-term price momentum and put downward pressure on the pair to test the nine-month low of 1.3539, which was recorded on June 16. Further declines would open the doors for the USD/CAD pair to approach the 1.3419, the lowest since February 2024, followed by the lower boundary of the descending channel around 1.3340.
USD/CAD: Daily Chart
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 Euro.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.19% | -0.06% | -0.01% | -0.01% | -0.09% | 0.15% | -0.03% | |
| EUR | 0.19% | 0.14% | 0.16% | 0.16% | 0.04% | 0.29% | 0.17% | |
| GBP | 0.06% | -0.14% | 0.02% | 0.05% | -0.07% | 0.15% | 0.03% | |
| JPY | 0.01% | -0.16% | -0.02% | -0.00% | -0.02% | 0.14% | 0.03% | |
| CAD | 0.01% | -0.16% | -0.05% | 0.00% | -0.09% | 0.06% | -0.02% | |
| AUD | 0.09% | -0.04% | 0.07% | 0.02% | 0.09% | 0.22% | 0.10% | |
| NZD | -0.15% | -0.29% | -0.15% | -0.14% | -0.06% | -0.22% | -0.11% | |
| CHF | 0.03% | -0.17% | -0.03% | -0.03% | 0.02% | -0.10% | 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
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.
