USD/CAD forecast for today by Traders Union analysts
USD/CAD is the currency ticker representing the US dollar – Canadian dollar pair. As a reminder, it is also called Loonie. It is one of the Top 7 currency pairs in the Forex market with high volatility. Thanks to the large volume and transborder trading between the U.S. and Canada, USD/CAD is popular, as it allows traders to earn good money on the price difference. Monitor the chart of this currency pair to know the USD/CAD price online, and its forecast for today by TU analysts. This will help you perform a thorough technical and fundamental analysis in order to make the right trading decision.
USD/CAD is sold again on growth toward 1.3725
26.04.2024
Finding 1.3665 support level, the U.S. dollar rose again against the Canadian dollar, but was again sold from 1.3725 resistance, leading to its fall to 1.3650 support. Attempts to breakout to 1.3680-1.3700 are possible from it. Breaking support will lead to a decline toward 1.3620-1.3600.
USD/CAD sold on a bounce to 1.3725
25.04.2024
The decline of the U.S. dollar against the Canadian dollar to 1.3655 support attracted buying interest, against which it tested 1.3725 resistance, from which it is again under selling pressure. A decline toward 1.3680-1.3660 may be used for buying. The loss of the latter level will lead to a decline toward the 36th figure.
USD/CAD remains under selling pressure
24.04.2024
Yesterday, the U.S. dollar continued to be sold against the Canadian dollar, resulting in a decline toward 1.3655 support. The current decline may be used for buying. Breaking support will lead to a decline toward 1.3620-1.3600, where there is also a chance of buying the U.S. dollar.
USD/CAD continues to decline
23.04.2024
In the pair with the Canadian dollar, the U.S. dollar remains under pressure, resulting in the 1.3715 support being broken and 1.3690 support being tested. The next support to be tested may be at 1.3660, but at current levels, bullish activity is still possible. Loss of 1.3660 will lead to a decline toward 1.3620.
USD/CAD is under pressure
22.04.2024
Despite the decline in oil prices, the U.S. dollar remained under strain against the Canadian dollar, resulting in the weekly close near Friday's minimum at the level of 1.3725. Should it consolidate above this level, the greenback may retest the 38th figure. Breaking this figure will lead to a decline toward 1.3700-1.3675.
USD/CAD remains under pressure
19.04.2024
The U.S. dollar remains under pressure from the Canadian dollar, but bears failed to break the support level of 1.3745. Attempts at growth are currently limited by resistance at 1.3780, where selling of the American currency continues. Losing support will lead to a decline toward 1.3725-1.3710, with buying likely to occur on declines.
US dollar/Canadian dollar sold near strong resistance
18.04.2024
Approaching strong resistance at 1.3900 in the USD/CAD pair, U.S.dollar bulls, as predicted, began locking profits on long positions, causing the pair to retreat to support at 1.3765. The decline to 1.3765-1.3730 can be used for buying and testing the 38th figure. The loss of 1.3730 will lead to a decline toward 1.3700.
US Dollar/Canadian dollar continues to grow
17.04.2024
A decline of the Consumer Price Index and “hawkish” comments made by the Fed chair kept the pressure on the Canadian dollar and spurred growth of the U.S. dollar toward the resistance level of 1.3845 within the pair. The probable potential goal of bulls in the pair for the resistance level to reach 1.3880-1.3900 remains relevant, although locking of profit on long positions is possible as the price approaches these levels.
Dollar/Loonie moves higher
16.04.2024
The American bought back from support yesterday at nearly 1.3735 for the Canadian dollar, which led to the pair's growth towards resistance at 1.3790. The outlook for the pair is constructive; it may continue to rise towards strong resistance around the levels of 1.3850-1.3890, on the way to which sellers may become more active.
The dollar/loonie ended the week with growth
15.04.2024
The Canadian dollar broke through the resistance around 1.3680 and rose towards 1.3784 amid continued demand around the 1.3680 level when paired with the US dollar. The American looks overbought, but this does not rule out breaking the current resistance and rising towards 1.3820-1.3860. Nevertheless, bearish activation is possible from current levels, but a decline towards 1.3720-1.3700 can be used for buying.
Dollar/Canadian sold on the rise
12.04.2024
For the Canadian dollar, the American continued to buy from the support around 1.3675-1.3660, but the attempt to break through the resistance at 1.3700 failed due to selling from the level of 1.3725, against which the pair returned to the support. Failure of the bulls to break the resistance increases the risks of losing support and declining towards 1.3650-1.3620; passing the 37th figure will increase the chances of breaking yesterday's high.
Dollar/loonie soared to 1.3700
11.04.2024
The Bank of Canada, as expected, left the interest rate level unchanged but allowed its lowering in the foreseeable future, which, on the background of accelerating inflation in the U.S., provoked the growth of the U.S. dollar to resistance near 1.3700 in the pair with the Canadian dollar. Next, the bulls may test resistance at 1.3720-1.3740; loss of support at 1.3670 will lead to a decline towards 1.3650, where bullish activation is possible.
Dollar/loonie trades unchanged
10.04.2024
The US dollar was bought for the Canadian dollar at the level of 1.3550, but it was sold again on the approach to the 36th figure. In anticipation of inflation data on the US and the Bank of Canada's decision on the interest rate level, speculators are in no hurry to open new positions, with no surprises expected from the central bank, so we are unlikely to see a significant market reaction, but any hints on the imminent easing of monetary policy may put pressure on the loonie and contribute to the pair's growth towards 1.3610-1.3630.
The dollar/loonie is testing support in the neighborhood of 1.3575
09.04.2024
In the pair with the Canadian dollar, the American remains under selling pressure, as a result of which it declined to support near 1.3575. Tomorrow, the Bank of Canada will announce the decision on the interest rate level, which may affect the pair's dynamics. Before this event, the dollar/loonie may correlate with oil futures, where their growth may support the loonie, while their decline - pressure.
Dollar/Loonie sold off from 1.3645
08.04.2024
On the strong US jobs report, the US dollar broke the resistance around 1.3590 and tested the level of 1.3645. Nevertheless, the renewed selling of the American returned it to the support at 1.3580, which increases the risks of its breakdown and decline towards 1.3540-1.3520, but it is still not worth excluding the bulls' attempts to break 1.3600 and test 1.3620-1.3640.
Dollar/Loonie bought back on the fall
05.04.2024
After breaking through the support of around 1.3510, the US dollar continued to decline yesterday against the Canadian dollar, but despite the rise in oil prices, the Canadian was sold, which led to a rebound of the American from the support at 1.3480 to the resistance around 1.3555. In technical terms, it is still possible to form a series of declining peaks here and test the above support as a minimum; passing the current resistance will lead to growth in the direction of 1.3580-1.3600.
Dollar/Loonie declined to the support at 1.3515
04.04.2024
The US Dollar sold off for the Canadian Dollar on another attempt to break resistance around 1.3585, breaking 1.3560 support and testing 1.3515 support. Bulls can use its decline to buy and test 1.3560; loss of current support will lead to a decline towards 1.3500-1.3480.
Dollar/Loonie unable to break through 1.3580
03.04.2024
After a pullback to the support around 1.3555, the US dollar retested the resistance around 1.3580 in the pairing with the Canadian dollar, but it is still unable to break through it, which may entail a loss of support and a decline towards 1.3530-1.3510; breaking through resistance will lead to growth towards 1.3600/10.
Dollar/loonie bought back on the decline
02.04.2024
The rise in yields on long-term US government bonds contributed to the emergence of demand for the US dollar, on the background of which the resistance around 1.3555 was broken and the level of 1.3585 was tested. Next, the bulls may test resistance at 1.3610, which may be facilitated by the growth of oil prices; loss of support at 1.3555 will lead to a decline towards 1.3530-1.3520.
The dollar/Loonie remains under pressure after falling to 1.3530 support
01.04.2024
Selling of the US Dollar against the Canadian Dollar led to its fall to the support at 1.3530, which was able to contain the bears' onslaught. The nearest resistance is around the 1.3560 level, below which bears remain focused on breaking the current support and testing support around the 35th figure; passing the resistance will lead to an upside towards 1.3580-1.3600.
Dollar/Loonie broke the support at 1.3560
29.03.2024
The rise in oil prices contributed to the demand for the Canadian dollar, thanks to which the US dollar, after testing the resistance around 1.3610, broke through the support at 1.3560 and declined to the support at 1.3530 at the moment. The risks of bears testing the 35th figure have increased significantly, but the fall of the American can still be used for buying. A break of 1.3550 will lead to a rise to 1.3570/80.
Dollar/loonie continues consolidation in the range
28.03.2024
In the pair with the Canadian dollar, after testing the resistance around 1.3605, the US dollar declined to the support at 1.3564, where it continues to be bought out. Overall, the pair is in a consolidation phase, with chances of breaking resistance and rising towards 1.3630-1.3650 remaining quite high; loss of support will lead to a decline towards 1.3530-1.3500.
The dollar/loonie is in demand on pullbacks
27.03.2024
Remaining under pressure from sellers, the US dollar declined to support around 1.3555, paired with the Canadian dollar, but it was repurchased here, and the bulls brought it back to resistance at 1.3590. The decline in oil prices contributed to the pressure on the loonie, but overall, the US dollar maintains its leading position. Bulls may try again to test resistance around 1.3610; loss of support will lead to a decline towards 1.3520-1.3500.
The dollar/loonie continues to trade below 1.3610
26.03.2024
The USD bulls failed to break through the resistance around 1.3610 in the pair with the Canadian dollar, but pullbacks to the support at 1.3570 still attract buying interest, so attempts to break through the resistance may continue. Its passage will provide growth in the direction of 1.3620. Otherwise, we should expect a decline in the direction of 1.3550-1.3520.
Dollar/Loonie returned to strong resistance
25.03.2024
Continued buying of the US dollar against the Canadian dollar on Friday led to the breakdown of resistance near 1.3540 and the pair's growth towards resistance near 1.3610. From the current levels, it is still possible to sell and decline to the support at 1.3560-1.3530; a confident break of the resistance will lead to growth towards 1.3650.
Dollar/Canadian dollar is recovering after the fall
22.03.2024
For the Canadian dollar, the American dollar was bought on the decline to support at 1.3460, but the bulls have not yet been able to break through the resistance to 1.3540. Nevertheless, on pullbacks in the direction of the 35th figure possible purchases of the pair, its loss will lead to a decline in the direction of 1.3470-1.3460. Passage of resistance will lead to growth toward 1.3570-1.3590.
The dollar/Canadian dollar was subjected to a sell-off
21.03.2024
The American sold off from resistance around 1.3600 for the Canadian dollar, causing it to collapse to 1.3480. Support around 1.3460-1.3440 could be tested next; a break of 1.3500 would take it to 1.3520-1.3540.
Dollar/Loonie sold off on the upside
20.03.2024
The data released yesterday showed a slowdown in inflation in Canada, on the background of which the US dollar rose to the resistance of 1.3610 in pair with the Canadian dollar. Still, from this level, it was sold, bringing it back to the support of 1.3560. The inability of the US Dollar to develop an uptrend on the back of "soft" inflation data in Canada poses a threat of breaking the current support and falling towards 1.3530-1.3500. Still, the US Fed's decision on the interest rate level and/or Jerome Powell's comments may change the situation in the pair.
Dollar/Loonie failed to break through 1.3550 again
19.03.2024
The appreciation of oil failed to significantly impact the dynamics of the Canadian dollar, but the US dollar failed to break through the resistance in the neighborhood of 1.3550 paired with it. Today, data on inflation in Canada will be published, where the acceleration of inflation could be a reason for the dollar/loonie to fall to the area of the 35th figure and the slowdown in inflation - growth in the direction of 1.3570-1.3590.
Dollar/Loonie maintains a positive bias
18.03.2024
Buoyed from support around 1.3460 in the pairing with the Canadian dollar, the US dollar broke resistance around 1.3510 and rallied towards resistance at 1.3550. The nearest support is around the 1.3530-1.3510 levels, which keeps the potential of breaking the resistance and rising towards 1.3570-1.3580; a loss of 1.3510 would lead to a decline towards 1.3490-1.3470.
USD/CAD Chart
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Why is it important to know the USD/CAD price prediction?
Loonie shows how many Canadian dollars (quoted currency) are required to buy one US dollar (base currency). It is important to monitor the USD/CAD price forecast simply because this currency pair indicates the condition of the economy. There is a correlation with the commodity prices; they are the moving force behind the price of the Canadian currency against the US dollar.
USD/CAD trading is popular both among experienced and novice traders. However, it is still better to first practice on a demo account to avoid the risk and gain practical experience. By using USD/CAD forecasts and also indicators of technical analysis that are suitable within the chosen strategy, you can achieve good results.
FAQ
1
Why is the USD CAD pair popular among traders?
Loonie is considered a popular pair. It is characterized by high
volatility
thanks to the large volume and transborder trading between the U.S. and Canada,
which allows traders to make good money on the price difference.
2
How is the USD/CAD forecast made?
TU experts use the instruments of technical analysis to create a
forecast for the USD/CAD pair. In particular, technical indicators, support and
resistance levels, as well as many other instruments are used to determine the
further movement of the price of the US dollar against the Canadian dollar. The
results of the research and the expert forecast help traders can make informed
decisions.
3
What other factors influence the USD/CAD price?
Traders Union analysts provide an indicative forecast. External factors
may influence the price. In particular, the performance of this pair depends on
the difference between the discount rates set by the Federal Reserve System and
the Bank of Canada. For example, all currency interventions used by the Fed to
strengthen the US dollar are most likely to cause the growth of the USD/CAD
pair.
4
What does the USD/CAD pair show?
This currency pair allows you to gain knowledge about the real condition
of the commodity market. That is probably the reason why Loonie is also called
a ‘commodity currency’, as it correlates with the prices of key commodities (oil
and oil products).