USD/CAD Price Forecast: Surges to near 1.3700, remains above nine-day EMA
- USD/CAD may find initial support at the nine-day EMA of 1.3652.
- The market bias is neutral as the 14-day RSI hovers around the 50 level.
- The primary barrier appears at the descending channel’s upper boundary around 1.3750.
The USD/CAD pair has recovered its recent losses from the previous session, trading around 1.3690 during the European hours on Wednesday. The technical analysis of the daily chart suggests a prevailing bearish sentiment as the pair consolidates within the descending channel pattern.
The 14-day Relative Strength Index (RSI) is hovering around the 50 level, indicating a neutral bias. Further movement will offer a clear directional sentiment. However, the USD/CAD pair remains above the nine-day Exponential Moving Average (EMA), indicating that short-term momentum is strengthening.
On the downside, the USD/CAD pair may target primary support at the nine-day EMA of 1.3652. A break below this level could weaken the short-term price momentum and put downward pressure on the pair to test the nine-month low of 1.3539, which was recorded on June 16.
Further decline would open the doors for the USD/CAD pair to approach the 1.3419, the lowest since February 2024, followed by the lower boundary of the descending channel around 1.3380.
The USD/CAD pair may find the primary barrier at the descending channel’s upper boundary around 1.3750, aligned with the 50-day EMA at 1.3759. A break above this crucial resistance zone would improve the medium-term price momentum and support the pair to explore the region around the three-month high of 1.4016, which was reached on May 13.
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 British Pound.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.11% | -0.06% | 0.03% | 0.16% | -0.04% | -0.04% | -0.05% | |
| EUR | -0.11% | -0.16% | -0.05% | 0.05% | -0.11% | -0.16% | -0.04% | |
| GBP | 0.06% | 0.16% | 0.14% | 0.21% | -0.03% | -0.05% | 0.02% | |
| JPY | -0.03% | 0.05% | -0.14% | 0.09% | -0.07% | -0.09% | -0.08% | |
| CAD | -0.16% | -0.05% | -0.21% | -0.09% | -0.13% | -0.19% | -0.09% | |
| AUD | 0.04% | 0.11% | 0.03% | 0.07% | 0.13% | -0.05% | 0.11% | |
| NZD | 0.04% | 0.16% | 0.05% | 0.09% | 0.19% | 0.05% | 0.08% | |
| CHF | 0.05% | 0.04% | -0.02% | 0.08% | 0.09% | -0.11% | -0.08% |
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.
