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- USD/CAD faces an immediate hurdle at the nine-day EMA at the 1.3979 level.
- The nine-day EMA is above the 14-day EMA, indicating strength in short-term price momentum.
- The pair finds support near the 14-day EMA at the 1.3958 level, followed by the psychological 1.3950 level.
USD/CAD pair Trading near 1.3970 during European hours on Wednesday, holding ground after two days of losses. Daily chart Analysis Indicates that the pair is trending within an upward channel pattern, suggesting a bullish bias.
The 14-day Relative Strength Index (RSI) is above the 50 level, confirming continued bullish momentum. Additionally, the nine-day exponential moving average (EMA) is above the 14-day EMA, indicating continued strength in the short-term price movement.
On the upside, the USD/CAD pair faces immediate resistance at the nine-day EMA at the 1.3979 level. If the pair breaks above this level, it may move towards the area around the upper border of the ascending channel at the 1.4130 level. A breakout above this channel could strengthen the bullish bias and drive the pair towards the next key resistance level at 1.4173, last seen in May 2020.
Regarding support, the USD/CAD pair may immediately test the 14-day EMA at the 1.3957 level. A break below this level could weaken the bullish bias, putting downward pressure on the pair to test the lower boundary of the ascending channel at the 1.3920 level.
USD/CAD: Daily Chart
Canadian dollar PRICE today
The table below shows the percentage change of the Canadian Dollar (CAD) against the major currencies listed today. The Canadian dollar was the weakest against the British pound.
| USD | euro | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.27% | -0.02% | 0.65% | 0.04% | 0.22% | 0.35% | 0.25% | |
| euro | -0.27% | -0.29% | 0.36% | -0.23% | -0.05% | 0.08% | -0.02% | |
| GBP | 0.02% | 0.29% | 0.65% | 0.06% | 0.24% | 0.36% | 0.27% | |
| JPY | -0.65% | -0.36% | -0.65% | -0.60% | -0.42% | -0.31% | -0.39% | |
| CAD | -0.04% | 0.23% | -0.06% | 0.60% | 0.18% | 0.31% | 0.22% | |
| AUD | -0.22% | 0.05% | -0.24% | 0.42% | -0.18% | 0.13% | 0.05% | |
| NZD | -0.35% | -0.08% | -0.36% | 0.31% | -0.31% | -0.13% | -0.10% | |
| CHF | -0.25% | 0.02% | -0.27% | 0.39% | -0.22% | -0.05% | 0.10% |
The heat map shows the percentage change 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 select Canadian dollars from the left column and move to US dollars along the horizontal line, the percentage change displayed in the box will represent CAD (base)/USD (quote).
The post USD/CAD Price Forecast: Initial support found at 14-day EMA near 1.3950 appeared first on Online Broker AMarkets.
