CAD/INR technical analysis: Support pressure at ₹65.8606 as intraday sellers remain in control

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Highlights

The Indian rupee traded near 93.74 per US dollar, reaching a six-month high with support from lower crude prices and foreign inflows.
India's foreign exchange reserves fell by $2.691 billion to $717.056 billion for the week ending October 30, 2026, indicating intervention to manage currency volatility.
CAD/INR trades below key moving averages with negative momentum signals, with an expected trading range of ₹65.8606 to ₹66.5654 and a high probability of further decline in the next 2 to 3 days.

Rupee strengthens on foreign inflows despite reserves decline

The Indian rupee dipped below the 94 per US dollar mark and traded around 93.74, a development supported by lower crude oil prices and an uptick in foreign fund inflows, according to The Times of India. This strengthening was further underlined when the rupee reached a six-month high against the dollar on November 9, highlighting robust capital inflows, as reported by The Economic Times. Meanwhile, India’s foreign exchange reserves declined by $2.691 billion to $717.056 billion for the week ending October 30, 2026, reflecting intervention to manage currency volatility. These factors have combined to create persistent headwinds for CAD/INR, though price action has remained under broader selling pressure.

Bearish momentum as CAD/INR stays under major technical levels

On the technical front, CAD/INR remains below the MA-20 and MA-50 on the working timeframe and is still under the MA-200 on the daily chart. The next resistance is at the Ichimoku Kijun, positioned at ₹66.5267. Momentum indicators, including MACD and ADX, continue to point to a sell bias, while RSI, Stoch RSI, and CCI are in neutral territory. Bull/Bear Power is negative at -0.0153, suggesting seller dominance intraday, with the Awesome Oscillator also flat, indicating subdued momentum.

Downside risk elevated as resistance limits rebound potential

Looking ahead over the next 2–3 trading days, CAD/INR is expected to remain within a volatility band between ₹65.8606 and ₹66.5654. The likelihood of an upward move is low, whereas the probability of a further decline is high. The baseline scenario points to range-bound activity near current levels. An upside break would only be likely if immediate resistance is conclusively surpassed, while a drop below forecasted support would open the door for additional weakness.

Viktoras Karapetjanc, Analysts Union expert at Traders Union, sees the CAD/INR under sustained pressure, reflecting the Indian rupee’s ongoing strength from improved foreign inflows and softer crude prices. The analyst believes positive capital sentiment and resilient macro drivers are favoring the rupee, while technical signals reinforce a downside bias for the pair. Range-bound price action appears likely, barring a decisive move above immediate resistance. "If the supportive macro backdrop for the rupee holds, I expect CAD/INR to remain under selling pressure as appetite for INR assets persists."

Earlier, analysts noted that CAD/INR faced continued downside risk, characterized by a broadly bearish technical outlook. The current analysis reinforces this view, as persistent selling pressure and subdued momentum suggest that traders should closely monitor the ₹65.8606 support for signs of further weakness in the near term.

Source of Data: CAD Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.