CAD – USD/CAD hitting 1.40 level

The USD/CAD pair has been consolidating in a narrow range over the past two weeks, but upward momentum is clearly being constrained by the 200-day moving average, currently at 1.3975. This, along with the 1.40 level, is expected to serve as a key resistance level. The RSI and Stochastics continue to rise, suggesting that USD/CAD still has upward momentum in the short term. Significant resistance is expected at 1.42, with the next level expected to be around the April 1 high of 1.4415 to 1.45. Support is currently at 1.3890, with the key level being the 50-day moving average at 1.3830. After months of pressure, the exchange rate broke through this level in late July and is now considered a counter-support level. Another key support level is expected to be between 1.3730 and 1.36.

Forecast range:
Resistance: 1.4000* – 1.4200 – 1.4415 – 1.4500
Support: 1.3890 – 1.3830 – 1.3730 – 1.3600

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