Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.3910-1.4160
Euro 1.6140-1.6390
Sterling 1.8460-1.8710
WTI Oil (opening level) $58.86
The CAD/USD is opening at 1.4092 ( 0.7096 )
USD/CAD daily chart’s technical setup reflects a persistent bullish bias, with the pair remaining within its ascending channel pattern.
The USD/CAD pair holds above the rising 50-day Exponential Moving Average (EMA) at 1.3990, while the nine-day EMA at 1.4059 caps the topside. This keeps the broader bias supported by the medium-term average, yet near-term momentum is constrained under the short-term gauge.
The 14-day Relative Strength Index (RSI) at 49.00 (neutral) has eased from previous readings, signaling a waning bullish impulse. RSI near its midline reinforces a balanced backdrop, so a decisive move through either moving average would be needed to set direction.
The USD/CAD pair may find the immediate resistance at the nine-day EMA of 1.4059. A break above this level would improve the short-term price momentum and lead the pair to test the seven-month high of 1.4140, reached on November 5. Further advances above this level would support the pair to explore the region around the upper boundary of the ascending channel at 1.4240.
On the downside, the initial support appears at the ascending channel’s lower boundary around 1.4020, followed by the psychological level of 1.4000 and the 50-day EMA of 1.3990. A break below this confluence support zone would weaken the bullish bias and put downward pressure on the USD/CAD pair to navigate the region around the four-month low of 1.3721.