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USD/CAD Price Forecast: Hovers around 1.3700 below nine-day EMA

  • USD/CAD may target a five-month low of 1.3642.
  • The 14-day Relative Strength Index at 35.12, below the midline, signals weak momentum.
  • The initial barrier lies at the nine-day EMA at 1.3715.

USD/CAD posts little losses, trading around 1.3700 during the European hours on Friday. The technical analysis of the daily chart shows an upside breakout above a bullish descending wedge pattern. The 14-day Relative Strength Index (RSI) at 35.12, below the midline, reflects weak momentum after an uptick from sub-30 readings.

The USD/CAD pair remains below the 50-day Exponential Moving Average (EMA) and marginally under the nine-day EMA, keeping bears in charge. Both averages slope lower, with the short-term line flattening near the spot price.

The USD/CAD pair reaches fresh five-month low of 1.3642 on December 26. Further declines would drag the pair within the wedge and put downward pressure on the pair to test the lower boundary of the descending wedge around 1.3550, followed by 1.3539, the lowest level since October 2024.

On the upside, the USD/CAD pair may test its immediate barrier at the nine-day EMA at 1.3715. A break above the short-term average would lead the pair to approach the 50-day EMA at 1.3848. Further advances above the medium-term average would improve the price momentum and support the pair to target the four-week high of 1.4014, reached on December 2.

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 Japanese Yen.

USDEURGBPJPYCADAUDNZDCHF
USD-0.04%0.05%0.02%-0.17%-0.30%-0.16%-0.03%
EUR0.04%-0.06%0.06%-0.12%-0.32%-0.13%0.00%
GBP-0.05%0.06%0.08%-0.11%-0.27%-0.07%0.07%
JPY-0.02%-0.06%-0.08%-0.18%-0.44%-0.24%-0.04%
CAD0.17%0.12%0.11%0.18%-0.17%-0.02%0.14%
AUD0.30%0.32%0.27%0.44%0.17%0.19%0.33%
NZD0.16%0.13%0.07%0.24%0.02%-0.19%0.14%
CHF0.03%-0.01%-0.07%0.04%-0.14%-0.33%-0.14%

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).

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

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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