USD/CAD Technical Analysis March 24, 2025
As of 8:00 AM GMT on March 24, 2025, the USD/CAD pair is trading around 1.4320, reflecting a 0.24% increase from the previous market day.
Current Price Levels and Technical Indicators:
Relative Strength Index (RSI): The RSI is approximately 55.70, indicating neutral momentum without overbought or oversold conditions.
Exponential Moving Averages (EMAs): The pair is trading above both the 50-day and 100-day EMAs, reinforcing a cautiously bullish outlook.
Support and Resistance Levels:
Resistance: Immediate resistance is observed at 1.4350, with a more significant level around 1.4400. A break above 1.4400 could pave the way for further gains.
Support: Initial support lies at 1.4280, with stronger support near 1.4200, aligning with the 100-day EMA. A move below this level could signal a shift in momentum.
Fundamental Factors:
The USD/CAD pair is influenced by the strength of the US dollar and fluctuations in oil prices, given Canada’s status as a major oil exporter. Currently, rising oil prices provide some support to the Canadian dollar, but the US dollar remains robust due to expectations of continued interest rate hikes by the Federal Reserve. Market participants are closely monitoring upcoming US economic data, such as PMI figures, and developments in global oil markets that could further impact the CAD.
Conclusion:
The USD/CAD pair maintains a cautiously bullish stance above the 1.4280 support level. Traders should watch key resistance levels at 1.4350 and 1.4400, as well as stay informed about economic events and oil price movements that could influence market dynamics.
EUR/USD Technical Analysis March 24, 2025