• USD/CAD could test 1.4518, the highest level since March 2020.
• The bullish bias persists, as the 14-day RSI stays above the 50 mark.
• Initial support for the pair is provided by the nine-day EMA at the 1.4377 level.

The USD/CAD pair continues its upward trend for the third consecutive session, hovering around 1.4390 during Thursday’s Asian trading hours. Technically, the daily chart shows the pair moving within an ascending channel, suggesting a prevailing bullish outlook.

The 14-day Relative Strength Index (RSI) remains just above the 50 mark, indicating sustained positive momentum. A sustained RSI above 50 would likely reinforce this bullish sentiment.

Additionally, the USD/CAD pair trades slightly above the nine- and 14-day Exponential Moving Averages (EMAs), further emphasizing the bullish trend and strong short-term price action. This alignment points to robust buying interest and signals the possibility of additional upward movement.

On the upside, the USD/CAD pair tests the psychological level of 1.4400, remaining poised to test 1.4518, its highest point since March 2020, reached on January 21. Further resistance is seen at the upper boundary of the ascending channel, close to the key psychological level of 1.4800.

Initial support is found around the nine-day EMA at 1.4377, followed by the 14-day EMA at 1.4374, which coincides with the lower boundary of the ascending channel.

USD/CAD: Daily Chart

(This story was corrected on January 23 at 08:00 GMT to say, in the first bullet and the fourth paragraph, that the pair could test 1.4518, the highest level since March 2020, not the 1.4485 level.)

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 Swiss Franc.

 
USD
EUR
GBP
JPY
CAD
AUD
NZD
CHF

USD
 
0.03%
0.01%
-0.02%
0.01%
-0.01%
-0.01%
-0.03%

EUR
-0.03%
 
-0.02%
-0.08%
-0.02%
-0.05%
-0.05%
-0.07%

GBP
-0.01%
0.02%
 
-0.04%
0.00%
-0.03%
-0.02%
-0.05%

JPY
0.02%
0.08%
0.04%
 
0.04%
0.02%
-0.03%
-0.01%

CAD
-0.01%
0.02%
-0.00%
-0.04%
 
-0.02%
-0.03%
-0.05%

AUD
0.01%
0.05%
0.03%
-0.02%
0.02%
 
0.00%
-0.02%

NZD
0.01%
0.05%
0.02%
0.03%
0.03%
-0.00%
 
-0.02%

CHF
0.03%
0.07%
0.05%
0.01%
0.05%
0.02%
0.02%
 

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).

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Article Source : fxstreet Website