USD/CAD Price Forecast: Tests 21-day Exponential Moving Average near 1.3550
03.10.2024, 08:08

USD/CAD Price Forecast: Tests 21-day Exponential Moving Average near 1.3550

  • The USD/CAD pair tests 21-day EMA at 1.3534 level, followed by the upper boundary of an ascending channel at 1.3570.
  • If the 14-day RSI crosses above the 50 level, it could reinforce the bullish bias, indicating increasing upward momentum.
  • A break below the lower boundary of an ascending channel at 1.3490 could cause the emergence of the bearish bias.

USD/CAD extends its gains for the second consecutive day, trading around 1.3530 during Thursday’s European hours. Analysis of the daily chart shows that the pair consolidates within the ascending channel, suggesting an ongoing bullish bias.

However, the 14-day Relative Strength Index (RSI) remains below the 50 level, indicating that the bearish trend is still in effect. A breach above the 50 mark would strengthen the ongoing bullish sentiment.

Regarding the upside, the immediate barrier appears at the 21-day Exponential Moving Average (EMA) at the 1.3534 level, followed by the upper boundary of an ascending channel at the 1.3570 level. A breach above the ascending channel would strengthen the bullish bias and lead 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.

On the downside, the USD/CAD may find support around the region around the lower boundary of an ascending channel at 1.3490. A break below this level could cause the emergence of the bearish bias and push the pair to test the eight-month low of 1.3418 level, recorded on September 25.

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 US Dollar.

  USD EUR GBP JPY CAD AUD NZD CHF
USD   0.10% 0.97% 0.06% 0.18% 0.36% 0.53% 0.28%
EUR -0.10%   0.87% -0.03% 0.06% 0.26% 0.41% 0.18%
GBP -0.97% -0.87%   -0.89% -0.80% -0.61% -0.45% -0.67%
JPY -0.06% 0.03% 0.89%   0.13% 0.31% 0.43% 0.23%
CAD -0.18% -0.06% 0.80% -0.13%   0.18% 0.35% 0.11%
AUD -0.36% -0.26% 0.61% -0.31% -0.18%   0.15% -0.06%
NZD -0.53% -0.41% 0.45% -0.43% -0.35% -0.15%   -0.22%
CHF -0.28% -0.18% 0.67% -0.23% -0.11% 0.06% 0.22%  

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).

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