USD/CAD Price Forecast: Extends rally to 1.3870, fresh high since April 13 on firmer USD
- USD/CAD scales higher for the third consecutive day as USD rallies amid fresh Iran escalations.
- Recovering Crude Oil prices could underpin the Loonie and cap any further gains for spot prices.
- The technical setup seems tilted firmly in favor of bulls as the focus shifts to important US data.
The USD/CAD pair is seen building on the previous day's breakout momentum through the 1.3810-1.3815 confluence hurdle and gaining positive traction for the third straight day on Thursday. Spot prices climb to the 1.3870 region, or a fresh high since April 13, during the Asian session and remain well supported by a broadly firmer US Dollar (USD).
The latest developments surrounding the Middle East crisis temper hopes for a diplomatic solution to end a three-month-old Iran war and benefit the USD's safe-haven status. Furthermore, bets that the US Federal Reserve (Fed) will hike interest rates in 2026 turn out to be another factor supporting the Greenback and the USD/CAD pair. Meanwhile, the move higher seems unaffected by a goodish recovery in Crude Oil prices, which tends to underpin the commodity-linked Loonie, suggesting that the path of least resistance for spot prices is to the upside.
From a technical perspective, the USD/CAD pair keeps a constructive bullish bias following Wednesday's decisive close above the 200-day Simple Moving Average (SMA) and the 61.8% Fibonacci retracement level of the April-May slide. The subsequent move up stalls near the 78.6% Fibo. level amid overbought conditions, with the Relative Strength Index hovering near 70. That said, the Moving Average Convergence Divergence (MACD) line above zero, with a positive histogram, suggests that upside pressure is still dominant even if the pair is stretched in the short term.
Hence, a move beyond the 78.6% Fibo. retracement around 1.3875, towards the recent swing high near 1.3963, looks like a distinct possibility. A break above the latter would open the way for a more pronounced extension of the uptrend. On the downside, initial support is seen at the 200-day SMA and 61.8% retracement cluster around 1.3810, followed by the 50% retracement at 1.3758 and the 38.2% level at 1.3709. Deeper retracements toward 1.3649 and 1.3552 could likely come into play only if the current bullish structure unwinds.
(The technical analysis of this story was written with the help of an AI tool.)
USD/CAD daily chart
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.29% | 0.36% | 0.03% | 0.18% | 0.53% | 0.54% | 0.30% | |
| EUR | -0.29% | 0.08% | -0.28% | -0.12% | 0.24% | 0.28% | 0.02% | |
| GBP | -0.36% | -0.08% | -0.36% | -0.21% | 0.17% | 0.20% | -0.08% | |
| JPY | -0.03% | 0.28% | 0.36% | 0.12% | 0.49% | 0.50% | 0.27% | |
| CAD | -0.18% | 0.12% | 0.21% | -0.12% | 0.38% | 0.39% | 0.13% | |
| AUD | -0.53% | -0.24% | -0.17% | -0.49% | -0.38% | 0.04% | -0.24% | |
| NZD | -0.54% | -0.28% | -0.20% | -0.50% | -0.39% | -0.04% | -0.26% | |
| CHF | -0.30% | -0.02% | 0.08% | -0.27% | -0.13% | 0.24% | 0.26% |
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 US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
Nothing in this material constitutes investment advice, personal recommendation, investment research, an offer, or a solicitation to buy or sell any financial instrument. The content has been prepared without consideration of your individual investment objectives, financial situation, or needs, and should not be treated as such.
Past performance is not a reliable indicator of future performance and/or results. Forward-looking scenarios or forecasts are not a guarantee of future performance. Actual results may differ materially from those anticipated.
Mitrade makes no representation or warranty as to the accuracy or completeness of the information provided and accepts no liability for any loss arising from reliance on such information.
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