USD/CAD Price Forecast: Tests seven-month highs near 1.4100
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USD/CAD targets the seven-month high of 1.4079.
The 14-day Relative Strength Index rises toward the 70 level, reinforcing bullish bias.
The pair may find its initial support at the nine-day EMA of 1.4013.
USD/CAD extends its gains for the fourth successive session, trading around 1.4060 during the European hours on Tuesday. The technical analysis of the daily chart indicates a prevailing bullish bias, with the pair moving upwards within the ascending channel pattern.
The short-term price momentum is stronger as the pair rises above the nine-day Exponential Moving Average (EMA). Additionally, the 14-day Relative Strength Index (RSI) is advancing toward the 70 mark, strengthening bullish bias.
The USD/CAD pair is testing the seven-month high of 1.4079, followed by the psychological level of 1.4100. A break above this confluence resistance zone would strengthen the bullish bias and lead the pair to explore the area around the upper boundary of the ascending channel at 1.4210.
On the downside, the primary support lies at the nine-day EMA of 1.4013, followed by the psychological level of 1.4000. Further declines below this crucial support region would weaken the short-term price momentum and prompt the USD/CAD pair to the 50-day EMA at 1.3933, followed by the ascending channel’s lower boundary around 1.3920.
USD/CAD: Daily Chart
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