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Trades near 1.3800 after retreating from levels near nine-day EMA
By: bitcoin ethereum news|2025/05/06 19:15:01
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USD/CAD may find support near the 1.3800 level. The 14-day RSI hovers just above 30, indicating sustained bearish momentum. Initial resistance is seen at the nine-day EMA around 1.3837. The USD/CAD pair is retracing its recent gains from the previous session, trading around 1.3820 during the European hours on Tuesday. The daily chart’s technical analysis suggested a sustained bearish sentiment, as the pair continues to trade within a descending channel pattern. Additionally, the 14-day Relative Strength Index (RSI) remains just above 30, indicating continued bearish pressure while avoiding oversold conditions. The USD/CAD pair is also trading below the nine-day Exponential Moving Average (EMA), pointing to weak short-term momentum. Further price movement is required to confirm the prevailing trend direction. On the downside, the USD/CAD pair may retest the key psychological support at 1.3800, followed by the seven-month low of 1.3760, last seen on May 2, which sits just above the lower boundary of the descending channel around 1.3750. A clear break below the channel would strengthen the bearish bias, potentially driving the USD/CAD pair toward the 1.3419 level — its lowest since February 2024 — with further support near the lower boundary of the channel around the 1.3320 area. The USD/CAD pair encounters initial resistance at the nine-day EMA of 1.3837, with the next barrier at the upper edge of the descending channel near 1.3870. A clear breakout above this key resistance zone could reinforce short-term bullish momentum and indicate a potential shift in market bias. Such a move may pave the way toward the 50-day EMA at 1.4058, followed by the monthly high at 1.4415. USD/CAD: Daily Chart Canadian Dollar PRICE Today The table below shows the percentage change of Canadian Dollar (CAD) against listed major currencies today. Canadian Dollar was the strongest against the Australian Dollar. The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Canadian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent CAD (base)/USD (quote). Source: https://www.fxstreet.com/news/usd-cad-price-forecast-falls-toward-13800-after-retreating-from-levels-near-nine-day-ema-202505060905
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