USD/CAD Price Forecast: Remains below 1.4450 near immediate support at nine-day EMA

• USD/CAD may encounter initial resistance at the monthly high of 1.4543.
• The 14-day Relative Strength Index (RSI) is positioned above 50, supporting a bullish outlook.
• Immediate support is positioned at the nine-day EMA, around the 1.4401 level.

USD/CAD retraces its recent losses, trading around 1.4440 during the European hours on Wednesday. Technical analysis on the daily chart suggests the pair remains within an ascending channel pattern, suggesting a bullish bias.

The 14-day Relative Strength Index (RSI) remains above 50, reinforcing a bullish sentiment. A continued decline could further validate the downside bias. Additionally, the USD/CAD pair remains above the nine-day Exponential Moving Average (EMA), signaling a strengthening short-term price momentum.

The USD/CAD pair could find initial resistance at the monthly high of 1.4543, which was recorded on March 4., followed by the upper boundary of the ascending channel at 1.4650. A break above this level could reinforce the bullish bias and support the pair to explore the region around 1.4793—the highest level since March 2003, recorded on February 3.

On the downside, the immediate support is located at the nine-day EMA of 1.4401 level. A break below this level could weaken the short-term price momentum and put downward pressure on the USD/CAD pair to test the 50-day EMA at 1.4322, closely aligned with the ascending channel’s lower boundary.

Further decline would weaken the bullish bias and lead the USD/CAD pair to navigate the area around the three-month low of 1.4151, last seen on February 14.

USD/CAD: Daily Chart