USD/CAD Price Forecast: Pulls back from 1.4450, upside appears as bullish bias strengthens

• USD/CAD could retest the “pullback resistance” near the key psychological level of 1.4450.
• The bullish outlook remains intact, reinforced by the 14-day Relative Strength Index staying above 50.
• The nine-day Exponential Moving Average at 1.4356 may act as the primary support level.

USD/CAD snaps its six-day winning streak, hovering around 1.4440 during Friday’s Asian session. Technical analysis on the daily chart shows the pair holding above the nine- and 14-day Exponential Moving Averages (EMAs), indicating strengthening short-term bullish momentum.

Moreover, the 14-day Relative Strength Index (RSI) remains above 50, signaling a continued bullish sentiment.

The USD/CAD pair is testing the "pullback resistance" near the key psychological level of 1.4450. A decisive breakout above this level could pave the way for a climb toward 1.4793, its highest level since March 2003, reached on February 3.

On the downside, initial support is seen at the nine-day EMA of 1.4356, followed by the 14-day EMA at 1.4334. A break below these levels could dampen short-term momentum, potentially pushing the pair toward the three-month low of 1.4151, recorded on February 14.

A decisive break below the three-month low could drive the USD/CAD pair toward the four-month low of 1.3927, last seen on November 25.

USD/CAD: Daily Chart