USD/CAD Technical Analysis April 9, 2025
Current Price Levels and Technical Indicators:
As of 7:00 GMT on April 9, 2025, the USD/CAD pair is trading around 1.4230. The Relative Strength Index (RSI) is below 50, indicating bearish momentum. The 30-period Simple Moving Average (SMA) is positioned near 1.4250, serving as immediate resistance, while the 200-period SMA is around 1.4200, acting as support.
Support and Resistance Levels:
Support: Immediate support is observed at 1.4200, with further support near 1.4150.
Resistance: Immediate resistance is at 1.4250, with a higher resistance level identified at 1.4300.
Fundamental Factors:
The Canadian dollar is influenced by fluctuations in oil prices, as Canada is a major oil exporter. Recent declines in oil prices have contributed to the CAD’s weakness. Additionally, the Bank of Canada (BoC) has been under pressure to ease interest rates, potentially widening the rate differential with the U.S. Federal Reserve and applying further pressure on the CAD.
Conclusion:
The USD/CAD pair is currently trading within a defined range, with bearish momentum indicated by the RSI and SMA positions. Traders should monitor the support and resistance levels closely, along with developments in oil prices and central bank policies, to inform their trading strategies.
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