Updated Analysis of the USD/CAD Exchange Rate

The USD/CAD pair is trading around 1.3810 during the Asian hours on Friday, halting its four-day winning streak. The technical analysis of the daily chart suggests that the pair is moving sideways within an ascending channel pattern, indicating a bullish market sentiment.

The 14-day Relative Strength Index (RSI) is positioned slightly above the 50 level, indicating an active bullish bias. Additionally, the USD/CAD pair has moved above the 9-day Exponential Moving Average (EMA), suggesting that short-term price momentum is strengthening.

Key Levels to Watch

On the bullish side, the USD/CAD pair could explore the region around the four-month high at 1.3924, recorded on August 22, followed by the upper limit of the ascending channel around 1.3960. A breakout above this crucial resistance zone would strengthen the bullish bias and support the pair to test the five-month high at 1.4016, reached on May 13.

The USD/CAD pair is testing its immediate support at the psychological level of 1.3800, aligned with the 9-day EMA of 1.3797 and followed by the 50-day EMA of 1.3780. A break below these levels would weaken short- and medium-term price momentum and cause the pair to test the lower bound of the ascending channel around 1.3750, followed by the two-month low of 1.3721, recorded on August 7.

Comparison of Major Currencies

The following table shows the percentage change of the Canadian Dollar (CAD) against the major currencies today. The Canadian Dollar showed greater weakness against the New Zealand Dollar.

Base/Quote USD EUR GBP JPY CAD AUD NZD CHF
USD - -0.19% -0.17% -0.12% -0.11% -0.34% -0.35% -0.18%
EUR 0.19% - 0.04% -0.03% 0.08% -0.07% -0.14% 0.02%
GBP 0.17% -0.04% - -0.02% 0.04% -0.09% -0.19% 0.02%
JPY 0.12% 0.03% 0.02% - 0.07% -0.15% -0.19% 0.12%
CAD 0.11% -0.08% -0.04% -0.07% - -0.18% -0.24% -0.04%
AUD 0.34% 0.07% 0.09% 0.15% 0.18% - -0.10% 0.12%
NZD 0.35% 0.14% 0.19% 0.19% 0.24% 0.10% - 0.20%
CHF 0.18% -0.02% -0.02% -0.12% 0.04% -0.12% -0.20% -

This heatmap shows the percentage changes of the main currencies against each other. The base currency is selected from the left column, while the quoted currency is selected from the top row. For example, if you select the Canadian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change shown in the box will represent CAD (base)/USD (quote).

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