USD/CAD Price Forecast: Rises to near 1.3800, upper boundary of ascending channel

Source Fxstreet
  • The USD/CAD pair may test the upper boundary of the ascending channel at the 1.3840 level.
  • The 14-day RSI indicates an overbought situation, suggesting a potential downward correction could occur soon.
  • The potential support appears at the lower boundary of the ascending channel around the 1.3740 level.

USD/CAD continues its winning streak that began October 2, hovering around 1.3790 during the European trading hours on Monday. The daily chart analysis shows that the pair is moving upwards within the ascending channel, suggesting the strengthening of a bullish bias.

However, the 14-day Relative Strength Index (RSI) is positioned above the 70 level, indicating an overbought situation for the pair and potential downward correction any time soon.

Regarding the upside, the USD/CAD pair could explore the region around the upper boundary of the ascending channel at the 1.3840 level. A break above this level could strengthen the bullish sentiment and support the pair to approach 1.3946, the highest level since October 2022.

On the downside, the USD/CAD may find support at the lower boundary of the ascending channel around the 1.3740 level. A breach below the ascending channel could weaken the bullish sentiment and lead the pair to navigate the area around its nine-day Exponential Moving Average (EMA) at 1.3680 level.

Further support appears at the “pullback resistance turns into throwback support” around the 1.3620 level, 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 British Pound.

  USD EUR GBP JPY CAD AUD NZD CHF
USD   0.11% 0.02% 0.22% 0.11% 0.33% 0.30% 0.37%
EUR -0.11%   -0.16% 0.00% 0.08% 0.24% 0.10% 0.17%
GBP -0.02% 0.16%   0.16% 0.12% 0.43% 0.29% 0.31%
JPY -0.22% 0.00% -0.16%   -0.10% 0.14% 0.14% 0.15%
CAD -0.11% -0.08% -0.12% 0.10%   0.17% 0.22% 0.09%
AUD -0.33% -0.24% -0.43% -0.14% -0.17%   -0.01% 0.00%
NZD -0.30% -0.10% -0.29% -0.14% -0.22% 0.01%   0.00%
CHF -0.37% -0.17% -0.31% -0.15% -0.09% -0.01% -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).

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Dollar holds above 100 near a 3-month high — three Fed speakers and a $69 billion auction land tonightThe dollar index closed at 100.43 on Monday, its highest close since late July, after a weekly gain of about 1% — the best in more than three months — and is holding above the 100.00 handle in Asia. Three Fed officials speak tonight alongside a $69 billion two-year note auction, the first leg of $183 billion of Treasury supply this week.
Author  Suzie
Sep 22, Tue
The dollar index closed at 100.43 on Monday, its highest close since late July, after a weekly gain of about 1% — the best in more than three months — and is holding above the 100.00 handle in Asia. Three Fed officials speak tonight alongside a $69 billion two-year note auction, the first leg of $183 billion of Treasury supply this week.
placeholder
October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changedRate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.
Author  Irene Q.
Sep 23, Wed
Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.
placeholder
Memory chips surge, Nasdaq notches a second straight record close — why the Dow fell 185 points anywayMicron gained 5%, SanDisk 6.8%, Seagate 4% and Western Digital 3% as the memory complex led the Nasdaq Composite to a second consecutive record close of 27,244.28. But the Dow fell 185 points as JPMorgan, Wells Fargo and Schwab slid more than 3% each — a split tape that says more about positioning than about the economy.
Author  Irene Q.
Sep 23, Wed
Micron gained 5%, SanDisk 6.8%, Seagate 4% and Western Digital 3% as the memory complex led the Nasdaq Composite to a second consecutive record close of 27,244.28. But the Dow fell 185 points as JPMorgan, Wells Fargo and Schwab slid more than 3% each — a split tape that says more about positioning than about the economy.
placeholder
Gold Price Forecast: XAU/USD drifts toward $4.300 with bears gaining tractionGold (XAU/USD) retraces Tuesday’s gains on Wednesday and drifts lower, approaching the $4,300 area as the US Dollar Index (DXY) rallies further amid high US Treasury yields.
Author  FXStreet
Sep 23, Wed
Gold (XAU/USD) retraces Tuesday’s gains on Wednesday and drifts lower, approaching the $4,300 area as the US Dollar Index (DXY) rallies further amid high US Treasury yields.
placeholder
US input costs rose at the fastest pace in four years — the September flash PMI beat is an inflation story, not a growth storyUS September flash PMIs came in far above expectations, with the composite at 58.4, a five-year high. But the detail that moved markets was input cost inflation at its fastest since October 2022, driven by fuel, transport and supply shortages. Brent is back above $100 and the 10-year Treasury yield has hit its highest since 2007.
Author  Suzie
Yesterday 06: 46
US September flash PMIs came in far above expectations, with the composite at 58.4, a five-year high. But the detail that moved markets was input cost inflation at its fastest since October 2022, driven by fuel, transport and supply shortages. Brent is back above $100 and the 10-year Treasury yield has hit its highest since 2007.
Related Instrument
goTop
quote