The USD/CAD currency pair exhibits bullish momentum, potentially climbing towards its highest level since March 2020. Technical indicators reinforce the positive outlook, while support levels provide a cushion for potential price corrections.
The USD/CAD currency pair is showing signs of a potential appreciation, aiming to reach 1.4518, its highest point since March 2020. This upward momentum is driven by several factors, including its position above both the nine- and 14-day Exponential Moving Averages (EMAs), indicating strong short-term price action. The pair's consistent trading within an ascending channel on the daily chart further reinforces the bullish trend .
Adding to the positive outlook, the 14-day Relative Strength Index (RSI) remains above the 50 mark, highlighting continued positive momentum. This suggests sustained buying interest and points towards further upside potential for the USD/CAD pair. Currently, the pair is hovering around 1.4410 in the Asian session, pausing its three-day winning streak. However, immediate support lies at the psychological level of 1.4400, followed by the nine-day EMA at 1.4390 and the 14-day EMA at 1.4384. A confluence of support exists near the lower boundary of the ascending channel at approximately 1.4360. While the pair faces potential resistance around 1.4518 and the upper boundary of the ascending channel at 1.4870, the current technical indicators suggest a strong likelihood of continued upward movement in the near term
USD/CAD Canadian Dollar Forex Currency Pair Technical Analysis Ascending Channel Exponential Moving Averages Relative Strength Index Bullish Trend Price Momentum Resistance Support
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