USD/CAD Price Forecast: Remains near 1.4050 within ascending channel
- USD/CAD may approach the psychological level of 1.4100.
- The 14-day Relative Strength Index sits above 50, supporting the bullish bias.
- The primary support lies at the nine-day EMA of 1.4035.
USD/CAD moves little after registering more than 0.5% gains in the previous session, trading around 1.4060 during the European hours on Thursday. The daily chart’s technical setup reflects a revived bullish bias, with the pair rebounding within its ascending channel pattern.
The 14-day Relative Strength Index (RSI) remains above the 50 mark, supporting a bullish bias. However, short-term momentum is stronger as the USD/CAD pair is positioned above the nine-day Exponential Moving Average (EMA).
The USD/CAD pair may target the psychological level of 1.4100, followed by the seven-month high of 1.4140, reached on November 5. Further advances above this level would lead the pair to test the upper boundary of the ascending channel at 1.4210.
On the downside, the initial support appears at the nine-day EMA of 1.4035, aligned with the ascending channel’s lower boundary around the psychological level of 1.4030. Further support lies at the 50-day EMA at 1.3971.
A break below the 50-day EMA would weaken the medium-term price momentum and put downward pressure on the USD/CAD pair to navigate the region around the three-month low of 1.3721, recorded on August 7.
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 | 0.04% | -0.16% | 0.13% | -0.00% | -0.15% | -0.24% | -0.02% | |
| EUR | -0.04% | -0.20% | 0.05% | -0.04% | -0.20% | -0.27% | -0.05% | |
| GBP | 0.16% | 0.20% | 0.27% | 0.16% | 0.00% | -0.08% | 0.15% | |
| JPY | -0.13% | -0.05% | -0.27% | -0.11% | -0.27% | -0.38% | -0.14% | |
| CAD | 0.00% | 0.04% | -0.16% | 0.11% | -0.14% | -0.24% | -0.01% | |
| AUD | 0.15% | 0.20% | -0.01% | 0.27% | 0.14% | -0.08% | 0.14% | |
| NZD | 0.24% | 0.27% | 0.08% | 0.38% | 0.24% | 0.08% | 0.22% | |
| CHF | 0.02% | 0.05% | -0.15% | 0.14% | 0.00% | -0.14% | -0.22% |
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.
