AUD/CAD Exchange Rate Analysis: Technical Indicators and Currency Performance

Key Points:

  • USD/CAD faces potential resistance at the four-month high of 1.3924.
  • Bullish market outlook supported by the 14-day RSI position above 50.
  • The pair tests support near 1.3800, close to the nine-day EMA of 1.3797.

USD/CAD traded around 1.3810 during Asian hours on Friday, pausing its four-day winning streak. Daily chart analysis reveals sideways movement within an ascending channel pattern, indicating an overall bullish sentiment.

The 14-day Relative Strength Index (RSI) positioned slightly above the 50 level confirms an active bullish bias. Furthermore, USD/CAD’s position above the nine-day Exponential Moving Average (EMA) suggests strengthening short-term price momentum.

Technical Levels and Projections

Resistance Levels:

  1. Four-month high: 1.3924 (recorded on August 22)
  2. Upper boundary of ascending channel: ~1.3960
  3. Five-month high: 1.4016 (reached on May 13)

A break above the crucial resistance zone at 1.3960 could reinforce the bullish bias, potentially pushing the pair towards the five-month high.

Support Levels:

  1. Immediate support: 1.3800 (psychological level)
  2. Nine-day EMA: 1.3797
  3. 50-day EMA: 1.3780
  4. Lower boundary of ascending channel: ~1.3750
  5. Two-month low: 1.3721 (recorded on August 7)

A breach below 1.3780 might weaken short- and medium-term price momentum, possibly leading to a test of the ascending channel’s lower boundary.

Canadian Dollar Performance

The table below illustrates the percentage change of the Canadian Dollar (CAD) against major currencies. CAD showed the weakest performance against the New Zealand Dollar.

Base/Quote USD EUR GBP JPY CAD AUD NZD CHF
USD - -0.19% -0.17% -0.12% -0.11% -0.34% -0.35% -0.18%
EUR 0.19% - 0.04% -0.03% 0.08% -0.07% -0.14% 0.02%
GBP 0.17% -0.04% - -0.02% 0.04% -0.09% -0.19% 0.02%
JPY 0.12% 0.03% 0.02% - 0.07% -0.15% -0.19% 0.12%
CAD 0.11% -0.08% -0.04% -0.07% - -0.18% -0.24% -0.04%
AUD 0.34% 0.07% 0.09% 0.15% 0.18% - -0.10% 0.12%
NZD 0.35% 0.14% 0.19% 0.19% 0.24% 0.10% - 0.20%
CHF 0.18% -0.02% -0.02% -0.12% 0.04% -0.12% -0.20% -

This heat map displays percentage changes between major currencies. The base currency is selected from the left column, while the quote currency is chosen from the top row. For instance, selecting CAD from the left and moving horizontally to USD shows the percentage change for CAD (base)/USD (quote).

Disclaimer: This information is for educational purposes only. Past performance does not guarantee future results.

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
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