USD/CAD Price Forecast: Pulls back from multi-year highs near 1.4500

USD/CAD retreats from 1.4485, the highest level since March 2020, approached on Monday.
The bullish bias remains intact, with the 14-day RSI holding above the 50 mark, signaling sustained upward momentum.
The nine-day EMA at the 1.4405 level serves as initial support for the pair.

Akhtar Faruqui FXStreet

The USD/CAD pair ends its two-day winning streak, trading near 1.4450 during Monday's European session. From a technical standpoint, the daily chart suggests the pair trading within an ascending channel, indicating a continued bullish bias.

The 14-day Relative Strength Index (RSI) remains above the 50 level, reflecting sustained bullish momentum. If the RSI holds above 50, it could reinforce positive sentiment.

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

The USD/CAD pair continues to challenge the 1.4485, the highest level since March 2020, recorded on January 20. A further resistance level is positioned at the upper boundary of the ascending channel, near the key psychological mark of 1.4600.

On the downside, the initial support lies around the nine-day EMA at 1.4405, followed by the 14-day EMA at 1.4392, aligned with the lower boundary of the ascending channel.

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 New Zealand Dollar.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.41%	-0.35%	-0.09%	-0.14%	-0.46%	-0.43%	-0.03%
EUR	0.41%		-0.00%	0.23%	0.16%	0.02%	-0.11%	0.25%
GBP	0.35%	0.00%		0.17%	0.15%	0.02%	-0.13%	0.25%
JPY	0.09%	-0.23%	-0.17%		-0.04%	-0.32%	-0.43%	-0.11%
CAD	0.14%	-0.16%	-0.15%	0.04%		-0.26%	-0.29%	0.09%
AUD	0.46%	-0.02%	-0.02%	0.32%	0.26%		-0.24%	0.17%
NZD	0.43%	0.11%	0.13%	0.43%	0.29%	0.24%		0.20%
CHF	0.03%	-0.25%	-0.25%	0.11%	-0.09%	-0.17%	-0.20%

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.

AUD/USD consolidates above 0.6950 amid risk aversion

AUD/USD consolidates in the Asian session on Thursday, trading just above 0.6950 as traders assess developments in the Middle East crisis. The Pentagon reportedly ordered readiness for potential strikes against Iran. This keeps the geopolitical risk premium in play, which, along with hawkish FOMC Minutes and elevated US bond yields, will likely keep the US Dollar underpinned at the expense of the pair.

USD/JPY slips below 158.00 as USD retreats

USD/JPY returns to the red below 158.00 in the Asian session on Thursday amid speculation that authorities will step in to prop up the Japanese Yen. Meanwhile, the US Dollar eases from near an 18-month high on profit taking, ignoring Wednesday's hawkish FOMC Minutes and the risk of a further escalation of tensions in the Middle East, adding to the pair's pullback.

Gold clings to daily gains; still below $4,150

Gold regains some composure and climbs back to the vicinity $4,150 mark per troy ounce amid decent gains on Thursday. The yellow metal’s recovery follows some loss of momentum in the US Dollar strength and a decent drop in US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP extend sell-off amid ETF outflows

Bitcoin (BTC) extends its decline below $83,000 on Thursday as heightened selling pressure weighs on the market. Leading altcoins, including Ethereum (ETH) and Ripple (XRP), mirror the sector-wide pullback, with ETH dipping under $2,600 and XRP challenging support at $1.40.

ECB expected to pause in October before hiking rates in December – Reuters poll

The European Central Bank (ECB) is expected to leave interest rates unchanged in October before delivering another increase in December, according to a Reuters poll conducted October 5-8. The survey shows that 70 of 73 economists expect the ECB to hold its deposit rate at 2.50% on October 29, while 64 of 73 anticipate a 25-basis-point (bps) hike in December.

The UK 30-year gilt just hit a 1998 high. Is that good or bad for the British Pound?

The yield on the UK's 30-year government bond, or gilt, went through 6% on October 1 for the first time since early 1998, and on Monday the Pound was at its strongest against the Euro since June 2025. The gilt market's 28-year high is mostly someone else's. Since early May, the 30-year gilt yield has risen about 0.15 of a percentage point and the US 30-year about 0.7.