- USD/CAD is traded within falling wedge patterns.
- This pair could be instantly supported around the upper limit of 1.4100 fall wedges.
- The immediate resistance zone appears near the 9-day EMA of 1.4230 and is aligned with the upper limit of the falling wedge.
The USD/CAD pair has waived recent profits from the previous session, trading nearly 1.4180 during Asian hours on Wednesday. Technical analysis of daily charts suggests a calm wedge pattern. This is a bullish formation suggesting a potential breakout in the reverse direction.
Additionally, the 14-day relative strength index (RSI) is above 30 levels, supporting the current bearish outlook. However, a decrease of less than 30 indicates the USD/CAD pair overselling conditions, which could suggest upward revisions in the future.
However, the USD/CAD pair is below the 9- and 14-day exponential moving averages (EMA), indicating persistent bearish emotions and short-term price weak behavior. This positioning suggests continued sales pressure.
On the downside, the USD/CAD pair may be instantly supported at the lower limit of the falling wedge and may be instantly supported for psychological level 1.4100. The break below this channel could reinforce the bearish bias and potentially drive the pair towards a minimum of 1.3927 for the three months they last reached on November 25th.
The USD/CAD pair can encounter immediate resistance near the 9-day EMA of 1.4230. There are additional hurdles to be seen with the 14-day EMA of 1.4263. Breakout above this key resistance zone can forcefully shift bias and potentially drive the pair towards a psychological level of 1.4300.
USD/CAD: Daily Charts
Canadian Dollar Prices Today
The table below shows the rate of change in the Canadian Dollar (CAD) for today's listed major currencies. The Canadian dollar was the weakest against the New Zealand dollar.
| USD | EUR | GBP | JPY | CAD | aud | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.05% | -0.09% | -0.18% | -0.05% | -0.19% | -0.31% | -0.03% | |
| EUR | 0.05% | -0.04% | -0.11% | -0.01% | -0.15% | -0.26% | 0.01% | |
| GBP | 0.09% | 0.04% | -0.10% | 0.05% | -0.11% | -0.22% | 0.05% | |
| JPY | 0.18% | 0.11% | 0.10% | 0.11% | -0.03% | -0.16% | 0.12% | |
| CAD | 0.05% | 0.00% | -0.05% | -0.11% | -0.14% | -0.27% | 0.01% | |
| aud | 0.19% | 0.15% | 0.11% | 0.03% | 0.14% | -0.12% | 0.16% | |
| NZD | 0.31% | 0.26% | 0.22% | 0.16% | 0.27% | 0.12% | 0.28% | |
| CHF | 0.03% | -0.01% | -0.05% | -0.12% | -0.01% | -0.16% | -0.28% |
The heatmap shows the rate of change of each other's major currencies. The base currency is selected from the left column, and the estimated currency is selected from the top row. For example, if you select Canadian dollars from the left column and move along the horizon to US dollars, the percentage of change shown in the box represents CAD (base)/USD (quotation).
