Select Language

USD/CAD Price Forecast: Tests nine-day EMA close to 1.3900 within an ascending channel

Breaking news

USD/CAD Price Forecast: Tests nine-day EMA close to 1.3900 within an ascending channel

  • X
  • facebook
  • LINE
  • RSS

  • X
  • facebook
  • LINE
  • RSS
New update 2024.11.08 15:16
USD/CAD Price Forecast: Tests nine-day EMA close to 1.3900 within an ascending channel

update 2024.11.08 15:16

  • The USD/CAD pair finds immediate resistance at the nine-day EMA at the 1.3885 level.
  • The bullish bias prevails as the 14-day RSI is positioned above 50 level.
  • The immediate support appears around the 14-day EMA at the 1.3868 level.

The USD/CAD pair gains ground to near 1.3880 during the Asian trading session on Friday. On the daily chart, the analysis shows that the pair is consolidating within an ascending channel, suggesting an ongoing bullish bias.

The 14-day Relative Strength Index (RSI) is positioned above the 50 level, reinforcing the prevailing bullish sentiment. Additionally, the nine-day Exponential Moving Average (EMA) is positioned above the 14-day EMA, indicating short-term price movement upwards.

On the upside, the USD/CAD pair tests the immediate barrier at the nine-day EMA at 1.3885, followed by 1.3959, the highest level since October 2022, which was reached on November 1. A break above the latter could improve the market sentiment and support the pair to approach the upper boundary of the ascending channel at the 1.4040 level.

In terms of support, the USD/CAD pair could test immediate support around the 14-day EMA at the 1.3868 level. A break below this level could cause the weakening of the bullish bias and put downward pressure on the pair to test the lower boundary of the ascending channel at the 1.3820 level.

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   0.24% 0.12% 0.00% 0.19% 0.42% 0.33% 0.17%
EUR -0.24%   -0.11% -0.20% -0.06% 0.20% 0.10% -0.07%
GBP -0.12% 0.11%   -0.08% 0.05% 0.28% 0.20% 0.04%
JPY 0.00% 0.20% 0.08%   0.17% 0.40% 0.31% 0.15%
CAD -0.19% 0.06% -0.05% -0.17%   0.23% 0.15% -0.01%
AUD -0.42% -0.20% -0.28% -0.40% -0.23%   -0.09% -0.25%
NZD -0.33% -0.10% -0.20% -0.31% -0.15% 0.09%   -0.16%
CHF -0.17% 0.07% -0.04% -0.15% 0.00% 0.25% 0.16%  

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).


Date

Created

 : 2024.11.08

Update

Last updated

 : 2024.11.08

Related articles


Show more

FXStreet

Financial media

arrow
FXStreet

FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.

Was this article helpful?

We hope you find this article useful. Any comments or suggestions will be greatly appreciated.  
We are also looking for writers with extensive experience in forex and crypto to join us.

please contact us at [email protected].

Thank you for your feedback.
Thank you for your feedback.

Most viewed

AUD/USD Price Forecast: Rejection near 100-day SMA supports prospects for deeper losses

The AUD/USD pair fails to capitalize on the previous day's strong move-up to the 0.6700 neighborhood, or a two-week top and retreats from the vicinity of the 100-day Simple Moving Average (SMA) resistance.
New
update2024.11.08 17:41

China's top legislative body approves bill to raise local government debt ceilings

China's Vice chairman of the National People's Congress (NPC) Financial and Economic Affairs Committee announced on Friday that Beijing approved a bill to raise local government debt ceilings to replace existing hidden debts.
New
update2024.11.08 17:17

Pound Sterling tries to hold onto recent rebound as BoE Bailey signals gradual rate-cut cycle

The Pound Sterling (GBP) trades lower against the US Dollar (USD) below the psychological resistance of 1.3000 in Friday's London session.
New
update2024.11.08 17:14

US Dollar Price Forecast: Hovers around 104.50, remains above nine-day EMA

The US Dollar Index (DXY) maintains its position on daily gains, hovering around 104.50 during European trading hours on Friday.
New
update2024.11.08 16:45

Forex Today: Markets stabilize, investors assess Fed announcements in aftermath of Trump victory

Here is what you need to know on Friday, November 8: Following two days of highly volatile action, financial markets stay relatively quiet early Friday as investors digest the Federal Reserve's (Fed) policy announcements following Donald Trump's victory in the presidential election.
New
update2024.11.08 16:10

EUR/GBP Price Forecast: Extends downside, initial support level emerges below 0.8300

The EUR/GBP cross remains on the defensive around 0.8310 on Friday during the early European trading hours.
New
update2024.11.08 16:07

AUD/JPY drops to near 101.50 as Aussie struggles due to fears over Trump tariffs on China

AUD/JPY retraces its recent gains from the previous session, trading around 101.60 during the early European hours on Friday.
New
update2024.11.08 15:57

USD/CAD Price Forecast: Tests nine-day EMA close to 1.3900 within an ascending channel

The USD/CAD pair gains ground to near 1.3880 during the Asian trading session on Friday.
New
update2024.11.08 15:15

FX option expiries for Nov 8 NY cut

FX option expiries for Nov 8 NY cut at 10:00 Eastern Time, via DTCC, can be found below.
New
update2024.11.08 15:00

USD/CHF edges higher above 0.8700 amid renewed US Dollar demand

The USD/CHF pair drifts higher to around 0.8730 during the early European session on Friday.
New
update2024.11.08 14:52

Disclaimer:arw

All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.

The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.

  • Facebook
  • Twitter
  • LINE

Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy

I agree
share
Share
Cancel