USD/CAD Price Forecast: Tests 1.4400; next barrier appears near multi-year highs

• USD/CAD could test 1.4485, the highest level since March 2020.
• The bullish bias persists, as the 14-day RSI stays above the 50 mark.
• Initial support for the pair is provided by the nine-day EMA at the 1.4377 level.

The USD/CAD pair continues its upward trend for the third consecutive session, hovering around 1.4390 during Thursday’s Asian trading hours. Technically, the daily chart shows the pair moving within an ascending channel, suggesting a prevailing bullish outlook.

The 14-day Relative Strength Index (RSI) remains just above the 50 mark, indicating sustained positive momentum. A sustained RSI above 50 would likely reinforce this bullish sentiment.

Additionally, the USD/CAD pair trades slightly above the nine- and 14-day Exponential Moving Averages (EMAs), further emphasizing the bullish trend and strong short-term price action. This alignment points to robust buying interest and signals the possibility of additional upward movement.

On the upside, the USD/CAD pair tests the psychological level of 1.4400, remaining poised to test 1.4485, its highest point since March 2020, reached on January 20. Further resistance is seen at the upper boundary of the ascending channel, close to the key psychological level of 1.4800.

Initial support is found around the nine-day EMA at 1.4377, followed by the 14-day EMA at 1.4374, which coincides with the lower boundary of the ascending channel.

USD/CAD: Daily Chart