Key Moments
- USD/CAD trades around 1.3710 after two consecutive sessions of declines, while staying above the nine- and 50-day EMAs.
- The pair hovers near the upper boundary of a rectangle channel around 1.3750, with a confirmed breakout seen opening the path toward 1.3928.
- Immediate technical support is clustered at the 1.3700 psychological level, in line with the nine- and 50-day EMAs at 1.3697 and 1.3696.
USD/CAD Technical Overview
USD/CAD continues to edge lower for a second straight session, changing hands near 1.3710 during Asian trading on Monday. Despite the modest pullback, the short-term trend remains mildly constructive, as the spot price is still trading above both the nine-day and 50-day Exponential Moving Averages (EMAs). This positioning suggests the pair is engaged in a corrective upswing within a broader sideways band.
Momentum indicators are aligned with this constructive tone. The 14-day Relative Strength Index (RSI) is holding in the mid-50s after recovering from levels below 40, indicating that buying interest is firming up without yet signaling overbought conditions.
Rectangle Channel and Upside Targets
Daily chart signals place USD/CAD close to the upper edge of a rectangle channel, located around 1.3750. A clear move through this upper boundary would validate a more pronounced bullish view and could pave the way for a retest of the three-month peak at 1.3928, which was registered on January 16.
Key Support Levels and Downside Risk
On the downside, near-term support is seen at the 1.3700 psychological handle. This level coincides with the nine-day EMA at 1.3697 and the 50-day EMA at 1.3696, forming a tight support cluster. A sustained move below these moving averages would likely reinforce selling pressure and could steer the pair toward the lower boundary of the rectangle pattern near 1.3540.
USD/CAD: Daily Chart
(The technical analysis of this story was written with the help of an AI tool.)
Canadian Dollar Performance Against Major Currencies
The table below summarizes the intraday percentage changes of the Canadian Dollar (CAD) versus a basket of major currencies. On this basis, the Canadian Dollar has shown its strongest relative performance against the Australian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | — | 0.21% | 0.16% | 0.08% | -0.11% | 0.63% | 0.45% | 0.15% |
| EUR | -0.21% | — | -0.06% | -0.11% | -0.33% | 0.53% | 0.23% | -0.07% |
| GBP | -0.16% | 0.06% | — | -0.06% | -0.27% | 0.59% | 0.29% | -0.02% |
| JPY | -0.08% | 0.11% | 0.06% | — | -0.18% | 0.54% | 0.29% | 0.06% |
| CAD | 0.11% | 0.33% | 0.27% | 0.18% | — | 0.71% | 0.42% | 0.22% |
| AUD | -0.63% | -0.53% | -0.59% | -0.54% | -0.71% | — | -0.29% | -0.47% |
| NZD | -0.45% | -0.23% | -0.29% | -0.29% | -0.42% | 0.29% | — | -0.26% |
| CHF | -0.15% | 0.07% | 0.02% | -0.06% | -0.22% | 0.47% | 0.26% | — |
The heat map should be read using the base currency from the left-hand column and the quote currency from the top row. For instance, selecting the Canadian Dollar as the base from the left column and moving horizontally to the US Dollar cell shows the percentage move for CAD (base)/USD (quote).
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