USD/CAD Price Forecast: Moves below 1.4400 after pulling back from recent highs

USD/CAD retreats from the 1.4467, the highest level since March 2020.
The bullish bias is in play as the 14-day RSI remains above the 50 mark.
The nine-day EMA at the 1.4387 level acts as initial support for the pair.

Akhtar Faruqui FXStreet

The USD/CAD pair ends its four-day winning streak, trading near 1.4390 during Monday's European session. From a technical perspective, the daily chart shows the pair moving within an ascending channel, signaling a continued bullish bias.

The 14-day Relative Strength Index (RSI) remains above the 50 level, indicating sustained bullish momentum. If the RSI stays above 50, it could strengthen the positive sentiment further.

Additionally, USD/CAD trades above the nine- and 14-day Exponential Moving Averages (EMAs), underscoring a bullish trend and strong short-term price momentum. This alignment reflects solid buying interest and suggests the potential for further gains.

On the upside, USD/CAD continues to challenge the 1.4467, the highest level since March 2020, recorded on December 19. A further resistance level is positioned at the upper boundary of the ascending channel, near the key psychological mark of 1.4500.

The initial support lies around the nine-day EMA at 1.4387, followed by the 14-day EMA at 1.4361. If the pair breaks below these levels, additional support can be found at the lower boundary of the ascending channel, around 1.4310.

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.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.29%	-0.42%	0.35%	-0.48%	-0.36%	-0.29%	-0.30%
EUR	0.29%		-0.12%	0.60%	-0.13%	-0.01%	0.05%	0.03%
GBP	0.42%	0.12%		0.73%	-0.01%	0.11%	0.17%	0.15%
JPY	-0.35%	-0.60%	-0.73%		-0.81%	-0.66%	-0.58%	-0.40%
CAD	0.48%	0.13%	0.00%	0.81%		0.05%	0.15%	0.16%
AUD	0.36%	0.01%	-0.11%	0.66%	-0.05%		0.06%	0.04%
NZD	0.29%	-0.05%	-0.17%	0.58%	-0.15%	-0.06%		-0.01%
CHF	0.30%	-0.03%	-0.15%	0.40%	-0.16%	-0.04%	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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