- Analytics
- News and Tools
- Market News
- USD/CAD Price Forecast: Falls toward 1.3500; next support at lower boundary of the pattern
USD/CAD Price Forecast: Falls toward 1.3500; next support at lower boundary of the pattern
- The USD/CAD pair could potentially resume its upward movement as a falling wedge pattern suggests a bullish reversal signal.
- A break below the psychological 1.3500 level could lead the pair to test the lower boundary of the falling wedge.
- The immediate barrier appears at the nine-day EMA at 1.3557 level, aligned with the upper boundary of the falling wedge.
USD/CAD extends its losses for the second successive day, trading around 1.3510 during Tuesday’s European hours. Analysis of the daily chart suggests a continuation signal, as the falling wedge pattern is formed during an uptrend, implying that the upward price action would resume.
However, the 14-day Relative Strength Index (RSI) remains below the 50 level, indicating that the bearish trend is still in effect. A further decline toward the 40 mark would suggest an oversold condition for the USD/CAD pair, signaling the potential for an upward correction in the near future.
On the downside, the USD/CAD may navigate the region around the lower boundary of the falling wedge at 1.3470. A break below this level could strengthen the bearish bias and push the pair to test the six-month low of 1.3441 level, recorded on August 28.
Regarding the upside, the immediate barrier appears at the nine-day EMA at 1.3557 level, aligned with the upper boundary of the falling wedge. A breach above the falling wedge would weaken the bearish bias and lead the pair to the USD/CAD pair to test the "throwback support turns into a pullback resistance" level of 1.3590, followed by the psychological level of 1.3600.
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 Euro.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.23% | -0.11% | 0.61% | -0.23% | 0.03% | -0.03% | 0.00% | |
| EUR | 0.23% | 0.13% | 0.82% | -0.04% | 0.25% | 0.19% | 0.23% | |
| GBP | 0.11% | -0.13% | 0.71% | -0.13% | 0.14% | 0.06% | 0.11% | |
| JPY | -0.61% | -0.82% | -0.71% | -0.80% | -0.58% | -0.66% | -0.59% | |
| CAD | 0.23% | 0.04% | 0.13% | 0.80% | 0.26% | 0.20% | 0.25% | |
| AUD | -0.03% | -0.25% | -0.14% | 0.58% | -0.26% | -0.06% | -0.02% | |
| NZD | 0.03% | -0.19% | -0.06% | 0.66% | -0.20% | 0.06% | 0.06% | |
| CHF | -0.00% | -0.23% | -0.11% | 0.59% | -0.25% | 0.02% | -0.06% |
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).
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
