USD/CAD Price Forecast: Tests rectangle’s upper boundary near 1.3800 barrier
- USD/CAD tests the upper boundary of the rectangle around 1.3780.
- The market outlook is bullish as the 14-day RSI remains above the 50 level.
- The primary support appears at the 50-day EMA of 1.3738.
USD/CAD halts its four-day winning streak, trading around 1.3770 during the Asian hours on Wednesday. The technical analysis of the daily chart suggests that the pair moves sideways within the rectangular pattern, indicating a neutral bias in play.
However, the 14-day Relative Strength Index (RSI) remains above the 50 level, indicating a bullish outlook. Additionally, the USD/CAD pair remains above the nine-day Exponential Moving Average (EMA), suggesting the short-term price momentum is stronger.
The USD/CAD pair is testing the upper boundary of the rectangle around 1.3780, followed by the two-month high of 1.3798, which was recorded on June 23. A break above this resistance zone could cause the emergence of the bullish bias and support the pair to approach the three-month high of 1.4016, which was reached on May 13.
On the downside, the USD/CAD pair could find the primary support at the 50-day EMA of 1.3738, followed by the nine-day EMA at 1.3713. A break below these levels could weaken the short- and medium-term price momentum and put downward pressure on the pair to navigate the region around the rectangle’s lower boundary at 1.3560, aligned with the nine-month low of 1.3539.
USD/CAD: Daily Chart
Canadian Dollar PRICE Today
The table below shows the percentage change of the Canadian Dollar (CAD) against listed major currencies today. The Canadian Dollar was the strongest against the Australian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.05% | -0.02% | -0.21% | -0.01% | 0.03% | -0.11% | -0.07% | |
| EUR | 0.05% | 0.06% | -0.24% | 0.01% | 0.04% | -0.06% | 0.02% | |
| GBP | 0.02% | -0.06% | -0.28% | 0.00% | 0.01% | -0.09% | -0.03% | |
| JPY | 0.21% | 0.24% | 0.28% | 0.28% | 0.31% | 0.18% | 0.21% | |
| CAD | 0.00% | -0.01% | -0.01% | -0.28% | 0.04% | -0.10% | -0.02% | |
| AUD | -0.03% | -0.04% | -0.01% | -0.31% | -0.04% | -0.10% | -0.05% | |
| NZD | 0.11% | 0.06% | 0.09% | -0.18% | 0.10% | 0.10% | 0.07% | |
| CHF | 0.07% | -0.02% | 0.03% | -0.21% | 0.02% | 0.05% | -0.07% |
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.
