USD/CAD Price Forecast: Tests confluence support zone around 1.3750

USD/CAD tests the initial barrier at the nine-day EMA of 1.3762.
The market outlook is bullish as the 14-day RSI remains above the 50 level.
The ascending channel’s lower boundary around 1.3760 acts as the primary support.

Akhtar Faruqui FXStreet

USD/CAD extends its losses for the second successive day, trading around 1.3760 during the early European hours on Wednesday. The technical analysis of the daily chart suggests that the pair consolidates within an ascending channel pattern, suggesting a prevailing bullish bias.

However, the 14-day Relative Strength Index (RSI) remains above the 50 level, strengthening the bullish outlook. Additionally, the USD/CAD pair is positioned below the nine-day Exponential Moving Average (EMA), suggesting the short-term price momentum is weaker.

The USD/CAD pair is testing its immediate barrier at the nine-day EMA of 1.3762. A break above this level could improve the short-term price momentum and lead the pair to test the three-month high at 1.3879, which was recorded on August 1, followed by the upper boundary of the ascending channel around 1.3960. A break above the channel could reinforce the bullish bias and support the pair to approach the four-month high of 1.4016, which was reached on May 13.

On the downside, the USD/CAD pair is testing the ascending channel’s lower boundary around 1.3760, followed by the 50-day EMA of 1.3750. A break below this crucial support zone would weaken the medium-term price momentum and put downward pressure on the pair to navigate the region around the 10-month low of 1.3539.

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 US Dollar.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.29%	-0.28%	-0.19%	-0.11%	-0.40%	-0.52%	-0.27%
EUR	0.29%		0.06%	0.07%	0.17%	-0.11%	-0.25%	0.01%
GBP	0.28%	-0.06%		0.04%	0.11%	-0.17%	-0.21%	-0.03%
JPY	0.19%	-0.07%	-0.04%		0.09%	-0.22%	-0.32%	-0.09%
CAD	0.11%	-0.17%	-0.11%	-0.09%		-0.32%	-0.37%	-0.13%
AUD	0.40%	0.11%	0.17%	0.22%	0.32%		-0.13%	0.13%
NZD	0.52%	0.25%	0.21%	0.32%	0.37%	0.13%		0.28%
CHF	0.27%	-0.01%	0.03%	0.09%	0.13%	-0.13%	-0.28%

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.

EUR/USD holds losses near 1.1850 with holidays keeping trade muted

EUR/USD opens the week on a softer note, trading near 1.1860 during the Asian session on Monday. Activity is likely to remain muted, with United States markets closed for the Presidents’ Day holiday, while Mainland China is also shut for the week-long Lunar New Year break.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold holds above $5,000 as bears seem hesitant amid Fed rate cut bets

Gold edges lower at the start of a new week, though it defends the $5,000 psychological mark through the Asian session. The underlying bullish sentiment is seen acting as a headwind for the bullion. However, bets for more rate cuts by the Fed, bolstered by Friday's softer US CPI, keep the US Dollar bulls on the defensive and continue to support the non-yielding yellow metal as the focus now shifts to FOMC Minutes on Wednesday.

Week ahead: Data blitz, Fed Minutes and RBNZ decision in the spotlight

The US jobs report for January, which was delayed slightly, didn’t do the dovish Fed bets any favours, as expectations of a soft print did not materialize, confounding the raft of weak job indicators seen in the prior week.

Global inflation watch: Signs of cooling services inflation

Realized inflation landed close to expectations in January, as negative base effects weighed on the annual rates. Remaining sticky inflation is largely explained by services, while tariff-driven goods inflation remains limited even in the US.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.