USD/CAD Price Forecast: Holds position above 1.4400 support near nine-day EMA

USD/CAD could appreciate to challenge 1.4518, its highest level since March 2020.
The short-term price momentum is stronger as the pair remains above the nine- and 14-day EMAs.
The immediate support is found at a psychological level of 1.4400, followed by the nine-day EMA at 1.4390.

Akhtar Faruqui FXStreet

The USD/CAD pair pauses its three-day winning streak, hovering around 1.4410 during Thursday's Asian session. On the daily chart, the pair continues to trade within an ascending channel, indicating a prevailing bullish trend.

USD/CAD remains slightly above the nine- and 14-day Exponential Moving Averages (EMAs), reinforcing bullish sentiment and suggesting strong short-term price action. This positioning reflects sustained buying interest and hints at further upside potential.

Additionally, the 14-day Relative Strength Index (RSI) stays above the 50 mark, signaling continued positive momentum and strengthening the bullish outlook.

The USD/CAD pair could navigate upwards to test 1.4518, its highest level since March 2020, recorded on January 21. Further resistance is seen near the upper boundary of the ascending channel at approximately 1.4870.

On the downside, immediate support is found at a psychological level of 1.4400. Further support appears at the nine-day EMA of 1.4390, followed closely by the 14-day EMA at 1.4384. This zone aligns with the lower boundary of the ascending channel near 1.4360, forming a strong support area.

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 strongest against the US Dollar.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.13%	-0.12%	-0.59%	-0.11%	-0.20%	-0.15%	-0.11%
EUR	0.13%		0.01%	-0.43%	0.02%	-0.07%	-0.02%	0.03%
GBP	0.12%	-0.01%		-0.46%	0.00%	-0.08%	-0.04%	0.00%
JPY	0.59%	0.43%	0.46%		0.48%	0.38%	0.39%	0.46%
CAD	0.11%	-0.02%	-0.01%	-0.48%		-0.09%	-0.05%	-0.01%
AUD	0.20%	0.07%	0.08%	-0.38%	0.09%		0.04%	0.09%
NZD	0.15%	0.02%	0.04%	-0.39%	0.05%	-0.04%		0.04%
CHF	0.11%	-0.03%	-0.01%	-0.46%	0.00%	-0.09%	-0.04%

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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