In the early European trading session, the USD/CAD currency pair has extended its losses for the second consecutive day, now hovering around 1.3590. Technical analysis of the daily chart highlights the pair’s positioning within a descending channel pattern, indicating a continued bearish sentiment.
As the exchange rate dips, it trades below both the nine-day and 50-day Exponential Moving Averages (EMAs). Recently, the pair has retreated from its earlier highs, with the 14-day Relative Strength Index (RSI) currently around 37. This level suggests persistent selling pressure, implying that the market has not yet reached a decisive oversold condition.
On the bearish side, the USD/CAD could approach a significant support level near 1.3473, marking the lowest rate observed since September 2024. A further drop below this point would bring the lower boundary of the descending channel into play around 1.3410.
Resistance levels are currently identified at the nine-day EMA, positioned at 1.3630, followed closely by the upper boundary of the descending channel around 1.3650. If the pair can break above this confluence zone, it may indicate a shift toward a bullish trend and potentially support values testing the 50-day EMA at 1.3715. Continued upward momentum beyond this medium-term average could lead to a retest of the five-month high of 1.3967 reached on March 31.
In related currency performance, the Canadian Dollar (CAD) shows strength against several major currencies today. In the latest data, CAD has performed notably well against the US Dollar, highlighting a broader trend where the currency has exhibited resistance in various currency pairings.
The table below details the percentage changes of the Canadian Dollar against other major currencies.
| Currency | USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF |
|————–|———-|———-|———-|———–|———-|———-|———-|———-|
| USD | -0.32% | -0.40% | -1.05% | -0.18% | -0.78% | -1.06% | -0.29% |
| EUR | 0.32% | -0.09% | -0.62% | 0.16% | -0.46% | -0.77% | 0.04% |
| GBP | 0.40% | 0.09% | -0.55% | 0.23% | -0.37% | -0.68% | 0.15% |
| JPY | 1.05% | 0.62% | 0.55% | -0.20% | 0.20% | -0.10% | 0.75% |
| CAD | 0.18% | -0.16% | -0.23% | -0.81% | -0.61% | -0.90% | -0.09% |
| AUD | 0.78% | 0.46% | 0.37% | -0.20% | 0.61% | -0.30% | 0.54% |
| NZD | 1.06% | 0.77% | 0.68% | 0.10% | 0.90% | 0.30% | 0.81% |
| CHF | 0.29% | -0.04% | -0.15% | -0.75% | 0.09% | -0.54% | -0.81% |
The heat map illustrates the percentage changes of major currencies against one another, reflecting the current market dynamics. The CAD has particularly demonstrated its strength against the USD, indicating a responsive trading environment amid ongoing fluctuations in the currency markets.
