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2025-10-31 16:06:17
[USD/CAD Breaks Through 9-Day Exponential Moving Average and Tests 1.4000 Level] ⑴ The USD/CAD pair extended its gains for the second consecutive trading day on Friday (October 31), trading around 1.4000. Daily chart technical analysis shows the pair is undergoing a consolidation phase, currently rebounding from the lower edge of a rectangle pattern. ⑵ As the pair remains stable above the 9-day exponential moving average (1.3978), short-term momentum is relatively strong. Furthermore, the 14-day Relative Strength Index (RSI) has risen above the 50 midline, suggesting a possible recovery in bullish momentum. ⑶ On the upside, near-term resistance is seen around 1.4060, near the upper edge of the rectangle pattern, with the next resistance level at 1.4079, the six-month high reached on October 14. (4) On the downside, the key support level is at the 9-day exponential moving average of 1.3978, followed by the lower rail of the rectangle pattern at 1.3930 and the 50-day exponential moving average at 1.3921. A break below this confluence of support areas would trigger bearish sentiment and open up room for the USD/CAD pair to test the retracement support near the three-month low of 1.3721 recorded on August 7.
