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USD/CAD Price Forecast: Bulls Eye Key Resistance at 1.3880 Amid Hawkish Fed Expectations

गुरुवार Aug 21 2025 11:10

2 मिनट

सामग्री की तालिका

1. USD/CAD Bulls Test 1.3880 Resistance Ahead of Key Events
2. Technical Outlook: 1.3920 as Next Target Above 1.3880
3. US Dollar Performance Against Major Currencies

USD/CAD Bulls Test 1.3880 Resistance Ahead of Key Events

The US Dollar is maintaining its upward momentum against the Canadian Dollar on Thursday, as bullish traders push against the 1.3880 resistance zone. The market anticipates key economic data releases and remarks from Federal Reserve officials, contributing to heightened investor anticipation. While business activity is expected to have slightly cooled in both the manufacturing and services sectors during August, the impact on the US Dollar is projected to be limited. The primary focus will be on Powell's address at the Jackson Hole Economic Symposium, where investors will seek clues regarding the Federal Reserve's future monetary policy decisions. With markets currently pricing in an approximately 80% probability of a Federal Reserve rate cut in September, there's a considerable risk that a less-dovish-than-expected statement from Powell could disrupt market expectations and trigger a broad-based rally in the US Dollar.

Technical Outlook: 1.3920 as Next Target Above 1.3880

The technical outlook for USD/CAD currently favors the bulls, with limited downside potential. The 4-hour Relative Strength Index (RSI) remains in overbought territory, suggesting the possibility of a further correction. However, Wednesday's low of 1.3955 is likely to provide initial support. Resistance is currently being encountered around the 1.3880-1.3890 area, representing the May 22 and August highs. A sustained break above this zone could pave the way for further gains towards the May 16 low at 1.3920, which corresponds to the 127.2% Fibonacci extension level and a potential target for a harmonic Butterfly pattern. Conversely, a rejection from the current resistance level, leading to a break below Wednesday's low of 1.3955, could clear the path towards the 1.3820-1.3830 range (highs from August 14, 15, and 18). Further downside targets include the August 15 and 18 lows at 1.3785.

US Dollar Performance Against Major Currencies

The table below illustrates the percentage change of the US Dollar (USD) relative to other major currencies today.

(Table as provided in the original description)

The heat map visualizes the percentage changes between major currencies.

Risk Warning and Disclaimer: This article represents only the author’s views and is for reference only. It does not constitute investment advice or financial guidance, nor does it represent the stance of the Markets.com platform. Trading Contracts for Difference (CFDs) involves high leverage and significant risks. Before making any trading decisions, we recommend consulting a professional financial advisor to assess your financial situation and risk tolerance. Any trading decisions based on this article are at your own risk.