USD/CAD Price Forecast: Tests 1.4350 resistance near nine-day EMA
- USD/CAD tests the primary barrier at the nine-day EMA of 1.4362.
- The market sentiment remains neutral as the pair consolidates within a rectangular pattern.
- The psychological level of 1.4300 appears as the initial support.
The USD/CAD pair ends its four-day losing streak, trading around 1.4350 during Monday's European session. The daily chart's technical analysis suggests uncertainty among buyers and sellers regarding the asset's long-term direction as the pair consolidates within a rectangular pattern.
However, the USD/CAD pair remains below the nine- and 14-day Exponential Moving Averages (EMAs), underscoring bearish sentiment and indicating weak short-term price action. This positioning reflects ongoing selling interest and suggests further downside risks.
Additionally, the 14-day Relative Strength Index (RSI) remains below the 50 mark, indicating continued negative momentum and reinforcing the bearish outlook.
On the downside, immediate support appears at the psychological level of 1.4300, followed by the rectangle's lower threshold at 1.4280. A break below this support zone could strengthen the bearish bias and exert downward pressure on the USD/CAD pair, potentially pushing it toward the psychological level of 1.4200.
The USD/CAD pair encounters initial resistance at the nine-day EMA of 1.4362, followed by the 14-day EMA at 1.4373. A break above these levels could enhance short-term price momentum and support the pair in testing the rectangle's upper threshold at 1.4520.
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 | 0.16% | -0.04% | 0.58% | 0.36% | 0.04% | 0.14% | 0.17% | |
| EUR | -0.16% | -0.13% | 0.55% | 0.32% | -0.12% | 0.07% | 0.09% | |
| GBP | 0.04% | 0.13% | 0.51% | 0.42% | 0.01% | 0.21% | 0.22% | |
| JPY | -0.58% | -0.55% | -0.51% | -0.27% | -0.48% | -0.44% | -0.41% | |
| CAD | -0.36% | -0.32% | -0.42% | 0.27% | -0.29% | -0.24% | -0.23% | |
| AUD | -0.04% | 0.12% | -0.01% | 0.48% | 0.29% | 0.19% | 0.21% | |
| NZD | -0.14% | -0.07% | -0.21% | 0.44% | 0.24% | -0.19% | 0.00% | |
| CHF | -0.17% | -0.09% | -0.22% | 0.41% | 0.23% | -0.21% | -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.
