- The USD/CAD pair grapples to return to the ascending channel as bullish bias is in play.
- The 14-day RSI hovers near the 70 mark, suggesting overbought conditions and a potential downward correction ahead.
- A break below the nine-day EMA at the 1.3741 level could cause the emergence of a bearish trend.
The USD/CAD pair maintains its position on recent gains from the previous session, trading around 1.3800 during the Asian hours on Friday. On the daily chart, the analysis shows that the pair is testing the lower boundary to return to the ascending channel pattern, which, if remains within the channel, supports the bullish trend.
The 14-day Relative Strength Index (RSI) is slightly below 70 level, confirming the ongoing bullish sentiment is in play. However, a move above the 70 mark would suggest overbought conditions and signal a potential downward correction.
On the upside, the USD/CAD pair tests the immediate barrier at the lower boundary of the ascending channel at the 1.3810 level. A return to the ascending channel would reinforce the bullish bias and support the pair to explore the region around the upper boundary of the ascending channel around 1.3920 level. Further resistance appears at the 25-month high of 1.3946 level, which was recorded on August 5.
In terms of support, the USD/CAD pair could find immediate support around the nine-day Exponential Moving Average (EMA) at 1.3741 level. A break below this level could cause the emergence of the bearish trend for a short-term period and put pressure on the pair to navigate the area around the former resistance, now acting as support, around 1.3620, followed by the key psychological level of 1.3600 just below.
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.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.11% | -0.13% | -0.25% | -0.02% | -0.16% | -0.06% | -0.02% | |
| EUR | 0.11% | -0.00% | -0.15% | 0.09% | -0.07% | 0.06% | 0.09% | |
| GBP | 0.13% | 0.00% | -0.12% | 0.10% | -0.04% | 0.08% | 0.07% | |
| JPY | 0.25% | 0.15% | 0.12% | 0.25% | 0.10% | 0.18% | 0.21% | |
| CAD | 0.02% | -0.09% | -0.10% | -0.25% | -0.14% | -0.04% | -0.04% | |
| AUD | 0.16% | 0.07% | 0.04% | -0.10% | 0.14% | 0.10% | 0.11% | |
| NZD | 0.06% | -0.06% | -0.08% | -0.18% | 0.04% | -0.10% | 0.00% | |
| CHF | 0.02% | -0.09% | -0.07% | -0.21% | 0.04% | -0.11% | -0.01% |
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).
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
Editors’ Picks
EUR/USD rebounds to near 1.0850, awaits Fedspeak
EUR/USD is rebounding to near 1.0850 in the early European session on Friday. China's stimulus optimism and a broad US Dollar correction help the pair recover the dovish ECB decision-induced losses. All eyes remain on the Fedspeak.
GBP/USD recovers above 1.3050 after UK Retail Sales data
GBP/USD extends recovery from a two-month low to trade above 1.3050 in European trading on Friday. Stronger-than-expected UK Retail Sales data put a fresh bid under the Pound. Meanwhile, the US Dollar sees some profit-taking ahead of Fedspeak.
Gold price stands firm near record high, above $2,700 amid global monetary easing cycle
Gold price builds on its uptrend witnessed over the past week or so and climbs beyond the $2,700 mark, hitting a fresh record high during the Asian session on Friday. Major central banks have been cutting interest rates and are expected to ease monetary policy further.
Dogecoin whale activity takes a hit, will DOGE price plummet?
Dogecoin notes a drop in the count and volume of whale transactions in the last two days. On-chain data from IntoTheBlock shows that whales have likely slowed down their activity.
Retail Sales post broad advance in September
Despite worries about the financial health of the consumer and potential weakening in the labor market, U.S. retailers had a solid month in September. Control group sales rose more than twice the expected amount, pointing to stronger Q3 consumer spending.
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.