USD/CAD Price Forecast: Hangs near multi-week low, holds above 1.4100 ahead of Canadian CPI
The USD/CAD pair remains under some selling pressure for the third straight day on Monday, prolonging last week's rejection slide from the 1.4300 mark, or its highest level since April 2025.
The USD/CAD exchange rate remains under pressure, hovering near a three-week low of around 1.4100 on Monday, after previously sliding to its highest level since April 2025. Traders are awaiting the Bank of Canada's Consumer Price Index (CPI) for further indications. The weakening crude oil prices, which eased from a one-month high touched on Friday, may provide support for the USD/CAD pair.
The US Dollar (USD) is benefiting from a global flight to safety due to persistent geopolitical uncertainties and expectations of a US Federal Reserve rate hike in December, which could limit the downward movement of the USD/CAD pair. Technical indicators suggest a bullish bias, with the USD/CAD holding above the 200-period Simple Moving Average (SMA) on the 4-hour chart and maintaining a constructive bias despite fading momentum.
The Relative Strength Index (RSI) is hovering under 30, indicating oversold conditions, while the Moving Average Convergence Divergence (MACD) is slightly negative, suggesting slowing downside pressure. A break below the 1.4100 level would be required to confirm deeper losses towards the 50.0% Fibonacci level at 1.4029 and lower Fibonacci floors at 1.3967 and 1.3878.
Support levels are indicated by the 23.6% Fibonacci retracement at 1.4169 and the recent swing high at 1.4295.
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