The USD/CAD pair is up 0.2% to near 1.3772 during the European trading session on Wednesday. The Loonie pair reflects strength as the Canadian Dollar (CAD) underperforms its peers due to easing expectations that the Bank of Canada (BoC) will raise interest rates in the July policy meeting.
Canadian Dollar Price Today
The table below shows the percentage change of Canadian Dollar (CAD) against listed major currencies today. Canadian Dollar was the weakest against the Australian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.04% | -0.01% | -0.05% | 0.18% | -0.23% | -0.17% | 0.09% | |
| EUR | -0.04% | -0.06% | -0.07% | 0.14% | -0.28% | -0.20% | 0.05% | |
| GBP | 0.01% | 0.06% | -0.02% | 0.20% | -0.24% | -0.16% | 0.10% | |
| JPY | 0.05% | 0.07% | 0.02% | 0.24% | -0.17% | -0.11% | 0.15% | |
| CAD | -0.18% | -0.14% | -0.20% | -0.24% | -0.41% | -0.30% | -0.09% | |
| AUD | 0.23% | 0.28% | 0.24% | 0.17% | 0.41% | 0.08% | 0.32% | |
| NZD | 0.17% | 0.20% | 0.16% | 0.11% | 0.30% | -0.08% | 0.24% | |
| CHF | -0.09% | -0.05% | -0.10% | -0.15% | 0.09% | -0.32% | -0.24% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Canadian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent CAD (base)/USD (quote).
According to a report from Deutsche Bank, the implied probability of a July rate hike has fallen to 24%, following the release of the Canadian Consumer Price Index (CPI) data for April. The data on Tuesday showed that the headline inflation accelerated at a slower-than-expected pace to 2.8% Year-on-Year (YoY), while it was expected to arrive at 3.1%.
Meanwhile, the continued outperformance by the US Dollar amid expectations that the Federal Reserve (Fed) will hike interest rates this year has also strengthened the Loonie pair. As of writing, the US Dollar Index (DXY), which gauges the Greenback’s value against six major currencies, trades marginally higher to near 99.35. The USD Index gives back a majority of its early gains.
Later in the day, investors will focus on the release of the Federal Open Market Committee (FOMC) minutes of the April policy meeting at 18:00 GMT.
USD/CAD technical analysis
USD/CAD trades higher at around 1.3772 at the press time. The pair holds above the 20-period exponential moving average (EMA) at 1.3708, suggesting a mildly bullish near-term bias while it grinds higher within the recent range.
The Relative Strength Index (RSI) at around 61 tilts to the upside, hinting that buyers retain the upper hand, though price still faces nearby Fibonacci-derived hurdles.
On the topside, immediate resistance emerges at the 61.8% Fibonacci retracement at 1.3806, followed by the 78.6% level near 1.3876 and the recent swing high area around the 100% retracement at 1.3964. On the downside, major cushions will be the 38.2% level and the 20-period EMA clustered around 1.3710, ahead of deeper Fibonacci support at 1.3648 and the 1.3551 anchor.
(The technical analysis of this story was written with the help of an AI tool.)
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