USDCAD Forex Chart

The United States Dollar/Canadian Dollar currency pair (also referred to as USDCAD and USD/CAD) is one of the most popular traded currencies. In this article, we will examine how USDCAD is performing.

USDCAD Key Stats

  • 2021 high: 1.2963
  • 2021 low: 1.2006
  • YTD high: 1.3223
  • YTD low: 1.2402
  • YTD % change: 4.45%

USDCAD Forecast

The current macroeconomic conditions suggest some strength is still left in the dollar’s bullish charge. Despite already climbing significantly this year against most other pairs, we believe there is still room higher in the USDCAD, especially as macro headwinds continue to hamper economic growth. As a result, in the near term, we definitely see the price moving towards the 1.3650 area.

usdcad forex chart

  FXTM mobile banner  

USDCAD Fundamental Analysis

Any fundamental news, such as changes in economic activity, monetary actions, or major data releases, can change the overall direction of a currency pair. As a result, fundamental analysis is a tool used by many successful traders and investors.

During times of weaker macroeconomic sentiment, the USD is considered a safe haven. The strength of the US economy and the currency’s world reserve status has seen it branded “king dollar.”


Related Articles


For the USD, you must keep an eye on major economic data releases that occur weekly and monthly. Each month we see releases such as payroll data, GDP, retail sales, consumer price index, and much more that are all drivers of the US economy. These releases help market participants gain a fresh perspective on the current health of the US economy. As a result, if the dollar has a positive release, it will usually positively affect its exchange rate compared to other currencies. As of now, inflation has been a key issue in the US, although it moved lower to 8.3% at the last reading, which may indicate the Fed’s rate hike program is having an impact. Some suggest inflation is not falling fast enough and expect the Fed to continue raising rates.

The Canadian Dollar often has a positive correlation to the price of oil. This comes from the fact Canada’s most significant earnings come from the sale of crude oil, as it is one of the largest producers and exporters of the commodity.  As we have seen this year, the CAD benefits when oil prices rise. However, Canada is also facing inflation issues stemming from Covid-19 related issues. Inflation in Canada is currently at 7%, easing from the previous 7.6%.

USDCAD Technical Analysis

Technical analysis is just as critical as the fundamental side, helping traders to determine how best to enter and exit a trade. Support levels help bullish traders find areas where price may bounce and move higher. It can be used as a price floor for entry or exit levels.

Looking at the USDCAD after such a bullish run in 2022, many support levels are available. Levels such as 1.3080 and 1.2625 are decisive support levels for bullish investors hoping to get in on the pullback. However, it may be a while before the price pulls back this far after an incredible run by the USD, which doesn’t look like ending yet.

On the other hand, resistance levels help bearish traders find entries where the price may have reached its highs or pulled back. It is used as a price ceiling and can be an excellent investment technique. As for the USDCAD, a few resistance levels may stand out for traders. Level 1.3650 is one to watch and may be tested over the coming weeks. Above that, level 1.3709 will be key if the USD continues its charge higher.

The price is currently well above its 200 MA. While this suggests we could see a pullback in the near term, as mentioned above, the bullish trend looks strong and is likely to continue.

Trade USDCAD with our top brokers

Broker Features Regulator Platforms Next Step
Number One Broker BlackBull Markets LogoYour capital is at risk Founded: 2014
  • Leverage Up To 500:1
  • $200 Min Deposit
  • 60+ Tradeable Instruments
FSPR MT4
tickmill_logo-166% of retail CFD accounts lose money Founded: 2014
66% of retail C...
  • Ultra-fast execution from 0.1s
  • Low spreads from 0.0 pips
  • All trading strategies allowed
FSA SC MetaTrader 4, Web Trader
Your capital is at risk Founded: 2006
Europe* CFDs ar...
  • 40% New Member Bonus
  • Regulatory licenses across 5 continents
  • 24/7 trading
ASIC, FSA, FSB, MiFID MetaTrader4, Sirix, AvaOptions, AvaTrader, Mirror Trader
72 % of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Founded: 2008
72 % of retail ...
  • Multi Asset Trading Platform
  • Zero Commissions
  • Amazing Trading Apps
ASIC, CySEC, FCA Plus500
Your capital is at risk Founded: 2020
  • Impressive range of trading platforms
  • Tight spreads and low commissions
  • Excellent customer services
  • STP and ECN trade execution
- Pro Trader, MT4, MT5
vantage logoYour capital is at risk Founded: 2009
  • Leverage up to 500:1
  • $200 Min Deposit
  • Spreads from 0.0
CIMA MetaTrader 4, MetaTrader 5, WebTrader
LegacyFX LogoYour capital is at risk Founded: 2012
  • Meta Trader 5 Trading platform
  • Exclusive professional trading tools
  • Dedicated support staff during all trading hours
BaFin, CySEC, FCA, NBRB, VFSC MetaTrader 5
Between 74-89% of CFD traders lose Founded: 2010
Between 74-89 % of retail investor accounts lose money when trading CFDs
  • Four user-friendly trading platforms
  • Consistently rater No1 for Trader Support
  • Set up by traders, for traders
ASIC, FCA MetaTrader 4, MetaTrader 5, cTrader
AdroFX LogoYour capital is at risk Founded:
  • Crypto deposits possible
  • Bonus offers
  • Leverage up to 1:500
  • MT4 and Allpips platforms
FSA, VFSC MetaTrader 4, Web Trader, Social Trading Allpips, Web Platform Allpips
eToro Logo67% of CFD traders lose Founded: 2007
67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
  • Social and Copy Trading Platform
  • Beginner Friendly
  • Risk-free Demo Account
ASIC, CySEC, FCA eToro Platform
Your capital is at risk Founded: 2000
  • Good range of assets, such as CFDs
  • Fully regulated brokerage
  • Multi-lingual reporting
DFSA, FCA, FINMA, MFSA, only EU traders), SFC FCA (Swissquote LTD MT4, MT5, AdvancedTrader
Trade360 LogoYour capital is at risk Founded: 2013
  • Over 200 Tradeable Accounts
  • $50 no deposit bonus
  • Trading Central Insight Portal
CySEC CrowdTrading
Oanda Logo77% of retail CFD accounts lose money Founded: 1996
  • No Minimum Deposit
  • Over 100 instruments
  • Web, desktop, mobile platform and MT4

ASIC, FCA, IIROC, MAS fxTrade, MT4
vt markets logoYour capital is at risk Founded: 2016
ASIC, CIMA MT4
Your capital is at risk Founded: 2015
  • $50 Min Deposit
  • Flexible Leverage
  • Low Min Order Values
FCA, SCB MT4
Your capital is at risk Founded: 1991
73.05% of investors lose money when trading CFDs with FXCM
  • Enhanced Execution and pricing.
  • Award-winning trading platform
  • Free Access to Exclusive Trading Tools
- FXCM Trading Station (Web, Desktop, Mobile), FXCM MetaTrader 4, NinjaTrader
City Index Logo75% of clients lose money. Capital at risk. Founded: 1983
  • Exceptional customer service
  • Beginner-friendly
  • Free Webinars
ASIC, CFTC, CIMA, FCA, FSA, IIRO, MAS, NFA, SFC Advantage Web, AT Pro, MT4, WebTrader
Exness LogoYour capital is at risk Founded: 2008
  • Instant automated withdrawals 24/7
  • Commission-free Standard accounts
  • Some of the lowest spreads on the markets and stable execution
  • Unlimited leverage
  • Free VPS Hosting
CySEC, FCA, FSA, FSCA MT4, MT5, WebTerminal
Your capital is at risk Founded: 2017
FSC XOH, MT5,
SquaredFinance LogoYour capital is at risk Founded: 2016
CySEC
fusion markets logoYour capital is at risk Founded: 2017

Lowest Commissions in Australia

$4.50 per lot RT

ASIC, VFSC MT4
      FXTM desktop banner  

    Latest USDCAD Forex Chart News and Technical Analysis