- The USD/CAD could extend its decline, with the daily chart pointing to a sustained bearish trend.
- The 14 -day RSI is maintained below level 50, reinforcing persistent bearish bias.
- The nine -day EMA about 1,4023 could serve as the immediate resistance level.
The USD/CAD torque slips slightly after registering profits in the previous session, quoting about 1,3940 during the Asian session on Wednesday. The technical analysis in the daily chart indicates a predominant bearish trend, since the pair continues to move down within a descending channel.
In addition, the USD/body continues to quote below the nine -day exponential (EMA) mobile average, indicating a short -term content impulse. At the same time, the 14 -day relative force index (RSI) has risen above level 30, suggesting a possible short -term corrective rebound. However, with the 14 -day RSI still below the 50 -year -old threshold, the general bearish bias remains intact.
Down, the USD/CAD torque could visit the minimum of six months of 1,3828, registered on Monday, closely aligning with the lower limit of the descending channel around the 1,3750 region. A clear rupture below this support zone would probably strengthen the bearish perspective and open the door to a decline towards the 1,3419 area, the lowest level since February 2024.
The initial resistance for USD/CAD is located in the nine -day EMA around 1,4023, followed by the upper limit of the descending channel about 1.4130. A rupture above this channel could point out a change towards a bullish bias, potentially pushing to the torque of 50 days in 1,4227. Beyond that, the next key resistance is at the maximum of two months of 1,4543, reached on March 4.
USD/CAD: Daily graph
Canadian dollar today
The lower table shows the change percentage of the Canadian dollar (CAD) compared to the main currencies today. Canadian dollar was the weakest currency against the Swiss Franco.
| USD | EUR | GBP | JPY | CAD | Aud | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.59% | -0.27% | -0.43% | -0.17% | -0.38% | -0.38% | -0.97% | |
| EUR | 0.59% | 0.34% | 0.15% | 0.40% | 0.44% | 0.22% | -0.39% | |
| GBP | 0.27% | -0.34% | -0.19% | 0.07% | 0.11% | -0.12% | -0.67% | |
| JPY | 0.43% | -0.15% | 0.19% | 0.28% | 0.37% | 0.11% | -0.57% | |
| CAD | 0.17% | -0.40% | -0.07% | -0.28% | 0.07% | -0.18% | -0.72% | |
| Aud | 0.38% | -0.44% | -0.11% | -0.37% | -0.07% | -0.25% | -0.78% | |
| NZD | 0.38% | -0.22% | 0.12% | -0.11% | 0.18% | 0.25% | -0.56% | |
| CHF | 0.97% | 0.39% | 0.67% | 0.57% | 0.72% | 0.78% | 0.56% |
The heat map shows the percentage changes of the main currencies. The base currency is selected from the left column, while the contribution currency is selected in the upper row. For example, if you choose the Canadian dollar of the left column and move along the horizontal line to the US dollar, the percentage change shown in the box will represent the CAD (base)/USD (quotation).
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
