News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here:
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here:
  • Sterling continues to contract into trend extremes and the focus is on a pending breakout in the weeks ahead. Get your weekly $GBP technical forecast from @MBForex here:
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here:
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here:
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here:
  • Further your forex knowledge and gain insights from our expert analysts on EUR with our free guide, available today:
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here:
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here:
  • The update to the US Consumer Price Index (CPI) is likely to sway the US Dollar during the Federal Reserve’s blackout period as the central bank braces for a transitory rise in inflation. Get your weekly $USD forecast from @DavidJSong here:
USD/CAD Faces A Critical Support Level - US Dollar vs Canadian Dollar Price Forecast

USD/CAD Faces A Critical Support Level - US Dollar vs Canadian Dollar Price Forecast

Mahmoud Alkudsi, Analyst

USD/CAD Technical Outlook

  • From Bullish to bearish
  • Will USDCAD bears take the initiative?

USD/CAD – Bearish Development

Last week, USD/CAD declined and settled below 1.4000 threshold indicating that bulls had given up control. On Thursday, the price rebounded from its lowest level in two weeks at 1.3931 then rallied after. Yet, in the following day, the weekly candlestick closed in the red with 1.7% loss.

Alongside that, the Relative Strength Index (RSI) crossed below 50 then remained flat after, reflecting a paused downtrend move.

USD/CAD DAILY PRICE CHART (July 1, 2018 – April 14, 2020) Zoomed Out

USDCAD daily price chart 14-04-20 Zoomed out

USD/CAD DAILY PRICE CHART (FEB 24 – April 14, 2020) Zoomed In

USDCAD daily price chart 14-04-20 Zoomed in

From the daily chart, we noticed on March 18-19 USD/CAD rallied above 1.4634 yet failed to close above it then fell towards 1.4320 . By the end of March, the pair failed to overtake this level signaling a weak uptrend move. As a result, the price retreated towards 1.4000. Last week, the pair declined to current trading zone 1.3793- 1.4000 eyeing a test of the low end of it.

A close below the low end of the zone could encourage USDCAD bears to press towards 1.3511. Further close below that level may send the price even lower towards 1.3291. Although, the weekly support levels underscored on the chart (zoomed in) should be kept in focus.

On the flip-side, any failure in closing below the low end of the zone could reverse the pair’s direction towards the high end of the zone. Further close above that level may see USDCAD trading towards 1.4320. That said, the daily and weekly resistance levels marked on the chart should be monitored.

USD/CAD four hour PRICE CHART (Mar 24 – April 14, 2020)

USD/CAD Faces A Critical Support Level - US Dollar vs Canadian Dollar Price Forecast

Looking at the four- hour chart, we noticed that at the start of last week USD/CAD broke below the uptrend line originated from the March 27 low at 1.3922, then started a downtrend move creating lower highs with lower lows.

Thus, a break below 1.3770 might continue bearish price action towards 1.3670. Yet, the support level at 1.3723 should be considered. In turn, any break in the other direction i.e. above 1.4013 would correct current downtrend and may cause a rally towards 1.4118. Yet, the daily resistance level underlined on the chart should be watched closely.

See the chart to find out more about the key technical levels in a further bullish/bearish scenario.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.