USD/CAD Price Forecast: Trades below 1.3600, nine-day EMA as bearish bias prevails

USD/CAD may fall toward 1.3473, its lowest level since September 2024.
The 14-day Relative Strength Index near 37 signals sustained selling pressure.
The immediate barrier lies at the nine-day EMA of 1.3630.

Akhtar Faruqui FXStreet

USD/CAD extends its losses for the second successive day, trading around 1.3590 during the early European hours on Wednesday. However, the technical analysis of the daily chart indicates the pair is positioned within the descending channel pattern, signaling an ongoing bearish bias.

The USD/CAD pair maintains a bearish near-term tone as spot holds beneath both the nine-day Exponential Moving Average (EMA) and the 50-day EMA. The pair has eased from recent highs with the 14-day Relative Strength Index (RSI) near 37, which hints at persistent selling pressure rather than a decisive oversold condition.

On the downside, the USD/CAD pair may navigate the region around 1.3473, the lowest since September 2024. Further declines would expose the lower boundary of the descending channel around 1.3410.

The immediate barrier lies at the nine-day EMA of 1.3630, followed by the upper descending channel boundary around 1.3650. A sustained break above this confluence resistance zone may cause the emergence of the bullish bias and support the pair to test the 50-day EMA at 1.3715. Further advances above the medium-term average would lead the USD/CAD pair to explore the region around the five-month high of 1.3967, reached on March 31.

(The technical analysis of this story was written with the help of an AI tool.)

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		-0.32%	-0.40%	-1.05%	-0.18%	-0.78%	-1.06%	-0.29%
EUR	0.32%		-0.09%	-0.62%	0.16%	-0.46%	-0.77%	0.04%
GBP	0.40%	0.09%		-0.55%	0.23%	-0.37%	-0.68%	0.15%
JPY	1.05%	0.62%	0.55%		0.81%	0.20%	-0.10%	0.75%
CAD	0.18%	-0.16%	-0.23%	-0.81%		-0.61%	-0.90%	-0.09%
AUD	0.78%	0.46%	0.37%	-0.20%	0.61%		-0.30%	0.54%
NZD	1.06%	0.77%	0.68%	0.10%	0.90%	0.30%		0.81%
CHF	0.29%	-0.04%	-0.15%	-0.75%	0.09%	-0.54%	-0.81%

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.

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