USD/CAD Technical Analysis April 8, 2025
Current Price Levels and Technical Indicators:
As of 7:00 GMT on April 8, 2025, the USD/CAD pair is trading around the 1.4169 level.
Technical indicators suggest a neutral to bearish momentum:
Relative Strength Index (RSI): The RSI is approaching the 70 level, indicating that the pair is nearing overbought conditions.
Moving Averages:
50-day SMA: Positioned near 1.4326, acting as a resistance level.
200-day SMA: Located around 1.3998, serving as a support level.
Support and Resistance Levels:
Key levels to monitor:
Support:
1.4160: Immediate support level.
1.4110: Secondary support level.
1.3998: Aligns with the 200-day SMA.
Resistance:
1.4193: Immediate resistance level.
1.4225: Secondary resistance level.
1.4326: Coincides with the 50-day SMA.
Fundamental Factors:
Several factors are influencing the USD/CAD pair:
US Tariffs: President Donald Trump’s steadfast position on maintaining tariffs, particularly against China, has heightened fears of a global recession, impacting market sentiment.
Canadian Dollar’s Resilience: The Canadian dollar has shown relative strength, gaining against the U.S. dollar, as Canada remains largely exempt from new U.S. import tariffs introduced last week.
Oil Prices: Oil prices, vital to Canada’s economy, fell over 1%, exacerbating fears of a global economic slowdown and affecting demand for the Canadian dollar.
Conclusion:
The USD/CAD pair is currently trading around the 1.4169 level, with technical indicators suggesting a neutral to bearish momentum. Support is observed at 1.4160 and 1.4110, while resistance lies at 1.4193 and 1.4225. Fundamental factors, including escalating US tariffs and fluctuations in oil prices, are contributing to the pair’s current dynamics. Traders should monitor these developments closely, as they are likely to influence the pair’s movement in the near term.
EUR/USD Technical Analysis April 8, 2025
GBP/USD Technical Analysis April 8, 2025
USD/JPY Technical Analysis April 8, 2025