USD/CAD Price Forecast: Tests nine-day EMA close to 1.3900 within an ascending channel


  • The USD/CAD pair finds immediate resistance at the nine-day EMA at the 1.3885 level.
  • The bullish bias prevails as the 14-day RSI is positioned above 50 level.
  • The immediate support appears around the 14-day EMA at the 1.3868 level.

The USD/CAD pair gains ground to near 1.3880 during the Asian trading session on Friday. On the daily chart, the analysis shows that the pair is consolidating within an ascending channel, suggesting an ongoing bullish bias.

The 14-day Relative Strength Index (RSI) is positioned above the 50 level, reinforcing the prevailing bullish sentiment. Additionally, the nine-day Exponential Moving Average (EMA) is positioned above the 14-day EMA, indicating short-term price movement upwards.

On the upside, the USD/CAD pair tests the immediate barrier at the nine-day EMA at 1.3885, followed by 1.3959, the highest level since October 2022, which was reached on November 1. A break above the latter could improve the market sentiment and support the pair to approach the upper boundary of the ascending channel at the 1.4040 level.

In terms of support, the USD/CAD pair could test immediate support around the 14-day EMA at the 1.3868 level. A break below this level could cause the weakening of the bullish bias and put downward pressure on the pair to test the lower boundary of the ascending channel at the 1.3820 level.

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 US Dollar.

  USD EUR GBP JPY CAD AUD NZD CHF
USD   0.24% 0.12% 0.00% 0.19% 0.42% 0.33% 0.17%
EUR -0.24%   -0.11% -0.20% -0.06% 0.20% 0.10% -0.07%
GBP -0.12% 0.11%   -0.08% 0.05% 0.28% 0.20% 0.04%
JPY 0.00% 0.20% 0.08%   0.17% 0.40% 0.31% 0.15%
CAD -0.19% 0.06% -0.05% -0.17%   0.23% 0.15% -0.01%
AUD -0.42% -0.20% -0.28% -0.40% -0.23%   -0.09% -0.25%
NZD -0.33% -0.10% -0.20% -0.31% -0.15% 0.09%   -0.16%
CHF -0.17% 0.07% -0.04% -0.15% 0.00% 0.25% 0.16%  

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).

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

AUD/USD trades modestly flat above 0.6400 after Aussie trade data

AUD/USD trades modestly flat above 0.6400 after Aussie trade data

AUD/USD reacts little to better-than-expected Australian Goods Trade Balance data and remains in a range above 0.6400 early Thursday. Rising bets for an early RBA rate cut cap the Aussie's upside amid China's economic woes and US-Sino trade war fears. Eyes turn to US data, Fedspeak. 

AUD/USD News
Bitcoin price breaks above the $100K milestone

Bitcoin price breaks above the $100K milestone

Bitcoin's price surpassed the $100K mark on Thursday after its recent pullback last week.The momentum indicator, the Relative Strength Index, indicates a continuation of the uptrend, while the technical outlook suggests a rally toward $125K.

Read more
USD/JPY fades the dovish BoJ commentary-led uptick above 150.50

USD/JPY fades the dovish BoJ commentary-led uptick above 150.50

USD/JPY is reversing the bounce to near 150.70 in the Asian session on Thursday. The pair remains weighed down by rising bets for another BoJ rate hike this month, shrugging off the dovish comments from BoJ policymaker Nakamura and a modest recovery in the US Treasury bond yields.

USD/JPY News
Gold extends range play as focus shifts to US Nonfarm Payrolls

Gold extends range play as focus shifts to US Nonfarm Payrolls

Gold's price continues with its narrow range struggle at around $2,650 early Thursday, stalling Federal Reserve Chairman Jerome Powell’s speech-led uptick. The focus now remains on the US Jobless Claims data due later in the day in the lead-up to the all-important Nonfarm Payrolls data.

Gold News
Four out of G10

Four out of G10

In most cases, the G10 central bank stories for December are starting to converge on a single outcome. Here is the state of play: Fed: My interpretation of Waller’s speech this week is that his prior probability for a December cut was around 75% before the data.

Read more
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures