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.
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.
