- USD/CAD is testing immediate resistance at the upper boundary of the ascending channel at 1.4400.
- The bullish bias strengthens as the 14-day RSI continues above the 70 level.
- The nine-day EMA at 1.4323 will provide initial support for this pair.
USD/CAD breaks a three-day losing streak, trading at around 1.4380 during Tuesday’s European session. From a technical perspective, the daily chart suggests that the USD/CAD pair is testing the upper boundary of the ascending channel, indicating a strengthening bullish bias.
The 14-day Relative Strength Index (RSI) is holding above the 70 level, signaling an overbought condition and the possibility of a downside correction. However, if the RSI remains near this level, it could strengthen the bullish sentiment.
Moreover, USD/CAD continues to trade above the 9- and 14-day exponential moving averages (EMAs), highlighting the bullish trend and sturdy near-term price momentum. This alignment reflects sturdy buying interest and the potential for further upward movement.
On the other hand, the USD/CAD pair is trying to rebound and break the immediate resistance at the upper boundary of the ascending channel at 1.4400. A decisive break above this channel would strengthen the bullish sentiment and open the door to a potential retest of the multi-year high at 1.4467, which was set on December 19.
In terms of support, the USD/CAD pair could first test the 9-day EMA at 1.4323 and then the 14-day EMA at 1.4274. Further support appears at the lower border of the ascending channel at 1.4210.
USD/CAD: Daily chart
Canadian DOLLAR PRICE today
The table below shows the current percentage change of the Canadian Dollar (CAD) against the major listed currencies. The Canadian dollar was strongest against the Swiss franc.
| USD | EUR | GBP | JPY | BOOR | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.12% | -0.01% | -0.06% | 0.05% | 0.07% | 0.03% | 0.15% | |
| EUR | -0.12% | -0.12% | -0.20% | -0.07% | -0.04% | -0.07% | 0.03% | |
| GBP | 0.00% | 0.12% | -0.06% | 0.06% | 0.09% | 0.06% | 0.15% | |
| JPY | 0.06% | 0.20% | 0.06% | 0.14% | 0.19% | 0.13% | 0.25% | |
| BOOR | -0.05% | 0.07% | -0.06% | -0.14% | 0.02% | 0.00% | 0.09% | |
| AUD | -0.07% | 0.04% | -0.09% | -0.19% | -0.02% | -0.02% | 0.07% | |
| NZD | -0.03% | 0.07% | -0.06% | -0.13% | -0.00% | 0.02% | 0.09% | |
| CHF | -0.15% | -0.03% | -0.15% | -0.25% | -0.09% | -0.07% | -0.09% |
The heat map shows the percentage changes of the major currencies relative to each other. The base currency is selected from the left column and the quote currency from the top row. For example, if you select 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 (basis)/USD (quote).
