|

USD/CAD Price Forecast: Falls to near 1.3700, eight-week lows

  • USD/CAD may test primary support at the eight-week low at 1.3674.
  • The 14-day RSI remains above 30, indicating continued bearish bias.
  • The primary resistance appears at the nine-day EMA of 1.3764.

The USD/CAD pair is retracing its recent gains registered in the previous session, trading around 1.3710 during the European hours on Wednesday. The daily chart's technical analysis suggested a persistent bearish sentiment, as the pair consolidates within the descending channel pattern.

The 14-day Relative Strength Index (RSI) consolidates above 30, indicating continued bearish pressure. A break below the 30 mark would indicate an oversold situation and a potential upward correction soon. Additionally, the USD/CAD pair is also remaining below the nine-day Exponential Moving Average (EMA), pointing to weaker short-term momentum.

The USD/CAD pair may find initial support near the eight-week low at 1.3674, which was recorded on June 2, followed by the lower boundary of the descending channel around 1.3650. A break below the channel would reinforce the bearish bias and put downward pressure on the pair to navigate the region around 1.3419, the lowest since February 2024.

On the upside, the USD/CAD pair may encounter primary resistance at the nine-day EMA of 1.3764. A break above this level could improve the short-term price momentum and support the pair to explore the area around the 50-day EMA at 1.3933, followed by the descending channel’s upper boundary around 1.3960.

A surpassing of the above-mentioned crucial resistance zone could cause the emergence of the bullish bias, driven by the improved medium-term price momentum, and support the pair to approach the eight-week 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 strongest against the US Dollar.

USDEURGBPJPYCADAUDNZDCHF
USD-0.23%-0.17%0.01%-0.08%-0.18%-0.24%-0.17%
EUR0.23%0.04%0.23%0.15%0.07%-0.01%0.05%
GBP0.17%-0.04%0.14%0.10%-0.00%-0.05%0.00%
JPY-0.01%-0.23%-0.14%-0.06%-0.23%-0.18%-0.14%
CAD0.08%-0.15%-0.10%0.06%-0.10%-0.16%-0.10%
AUD0.18%-0.07%0.00%0.23%0.10%-0.08%-0.01%
NZD0.24%0.01%0.05%0.18%0.16%0.08%0.06%
CHF0.17%-0.05%-0.01%0.14%0.10%0.01%-0.06%

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

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.

More from Akhtar Faruqui
Share:

Editor's Picks

GBP/USD remains slightly bid near 1.3300

GBP/USD now advances marginally and manages to dispute the 1.3300 region on Tuesday. Indeed, Cable regains some balance on the back of the lacklustre performance of the Greenback, all preceding the Fed’s meeting on Wednesday and the BoE’s gathering on Thursday.

EUR/USD recedes from tops, back below 1.1400

EUR/USD manages to set aside part of the recent weakness and clinches decent gains on Tuesday. Indeed, spot keeps the trade below the 1.1400 mark amid acceptable losses in the US Dollar, all following rising optimism of a US-Iran deal and steady caution prior to the FOMC gathering on Wednesday.

Gold holds above $4,000; looks to FOMC for fresh impetus amid US-Iran tensions

Gold is seen consolidating above $4,000 as traders opt to wait for the crucial FOMC decision due later this Wednesday for more cues about the Fed's future policy path. The outlook, in turn, will influence the US Dollar and provide some meaningful impetus to the non-yielding bullion. In the meantime, the risk of resumption of US-Iran hostilities continues to underpin the USD's reserve-currency status, acting as a headwind for bullion.

Bitcoin faces muted activity as BitMEX shutdown, FOMC uncertainty weigh on sentiment

Bitcoin eased below $64,000 on Tuesday as traders navigate exchange shutdowns and heightened uncertainty ahead of the Federal Reserve’s policy meeting, according to K33. In a report on Tuesday, K33 noted that BitMEX's decision to shut down marks the end of an important chapter for the crypto derivatives market.

Indian Rupee outlook: Downtrend set to persist – Just at a slower pace

The Indian Rupee just endured its most brutal six-month stretch in years, battered by a perfect storm of global shocks. From United States-India trade uncertainty to surging Oil prices and the significant outflow of Foreign Institutional Investment from the Indian stock market, every event brought nothing but pain for the Indian currency.

US Dollar mid-year outlook: Exceptional currency, exceptional risks?
The US Dollar enters the second half of 2026 in a markedly different position from a year ago. The King currency has recovered, reflecting persistent US inflation, changing expectations for Fed policy, geopolitical tensions and renewed demand for defensive assets.