USD/CAD Price Forecast: Rises above 1.4350 amid strengthening bullish bias

• USD/CAD may rise toward the “pullback resistance” near the key psychological level of 1.4450. 
• The bullish outlook stays intact, supported by the 14-day Relative Strength Index holding above 50. 
• The nine-day Exponential Moving Average at 1.4286 could serve as the primary support level. 

The USD/CAD pair continues its winning streak for the fifth successive day, trading around 1.4360 during the Asian hours on Thursday. Technical analysis on the daily chart indicates that the pair rises above nine- and 14-day Exponential Moving Averages (EMAs), suggesting a strengthening short-term price momentum.

Additionally, the 14-day Relative Strength Index (RSI) remains above the 50 level, indicating a prevailing bullish outlook.

The USD/CAD pair could explore the region around the “pullback resistance” at a psychological level of 1.4450. A decisive break above this level would open the doors for the pair to approach the 1.4793, the highest since March 2003, reached on February 3.

On the downside, the initial support appears at the nine-day EMA of 1.4286, aligned with the 14-day EMA at 1.4284. A break below these levels could weaken the short-term price momentum and put pressure on the pair to test a two-month low at 1.4151, which was recorded on February 14.

A successful break below the two-month low could lead the USD/CAD pair to navigate the region around the three-month low of 1.3927, last reached on November 25.

USD/CAD: Daily Chart