CAD Technical Analysis

Looking at the daily chart we notice USD/CAD eying the higher end of the mentioned consolidation zone however, the pair needs to clear 1.3457. Therefore, any failure to close above this level may send the price to retest 1.3377.
Its worth noting that any close below 1.3377 may lead USD/CAD towards 1.3289. Although the weekly support levels at 1.3358 and 1.3332 should be watched closely.

Looking at the four-hour chart, we notice on Jun 11 USD/CAD found support at 1.3250 and started an uptrend creating higher highs with higher lows. However, since the start of this week this trend has paused reflecting bulls’ reluctance to continue pushing higher.

Uptrend could start to accelerate if USD/CAD breaks above 1.3457 this could lead the pair towards 1.3493 however, weekly resistance level at 1.3476 need to be kept in focus. On the other hand, the pair’s outlook could shift if USD/CAD breaks below 1.3393 (the weekly low). This suggests the price trade even lower towards 1.3358 contingent on clearing the weekly support at 1.3377. See the chart for more key levels if the selloff continues below 1.3358.

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On Thursday USD/CAD tested it lowest levels in nearly nine months however, the price rallied after then closed with a Doji pattern, reflecting the market indecision at this stage. At the start of this week the price continued its ineffective move.

Yesterday, the Relative Strength Index (RSI) pointed higher then stopped before crossing 50 emphasizing exhausted sellers on one hand, and the lack of momentum form the buyers to kick start an uptrend move on the other.

Looking at the daily chart we notice today USD/CAD has tested its higher level in nearly two weeks, and currently trading in the higher trading zone 1.3126 – 1.3166. Therefore, a close above the low-end of this zone could send the pair towards the high-end however, the weekly resistance at 1.3145 needs to be monitored.

Further bullish close above the high-end of the zone may push the price towards 1.3224 nonetheless, the weekly resistance area highlighted on the chart should be considered.

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Canadian Dollar price action looks ripe for volatility this coming week with USD/CAD and CAD/JPY hinging on event risk posed by the BoC rate decision, BoJ update, US inflation data, and OPEC+ talks.

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USD/CAD has climbed back towards January highs after positive NFP data pushed prices to key technical levels. Where will USD/CAD go from here?

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USD/CAD may face a larger correction ahead of the Bank of Canada (BoC) interest rate decision as the central bank is expected to normalize monetary policy at a faster pace.

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Fresh data prints coming out of the US and Canada may influence the near-term outlook for USD/CAD amid the ongoing shift in monetary policy.
The daily price is located near and above 200 SMA in the bullish area of the chart. If the price crosses the 100 SMA together with fibo support level at 1,2787 to below so the secondary correction will be continuing with the possible daily bearish reversal. If the price is bounced from 100 SMA and support level to above so the primary bullish trend will be resumed.

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The update to the US Consumer Price Index (CPI) may sway USD/CAD as the Federal Reserve struggles to reduce inflation. The daily price is breaking 1,2934 resistance level to above for the primary daily bullish trend to be continuing, alternatively - the price will be on secondary ranging above Ichimoku cloud waiting for direction.

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USD/CAD will be subject to USD specific factors next week as the Canadian dollar remains exposed to downside risk. The daily price is breaking Ichimoku cloud with 1.2966 resistance level to above for the daily primary bullish rebersal.

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Following Jerome Powell's hawkish Jackson Hole speech, USDCAD points higher toward 1.3100. Upside could be limited on oil strength. Daily price is on ranging near and inside Ichimoku cloud for trying to break the bullish triangle pattern to above for the primary bullish trend to be resumed.

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