The USD/CAD rises during the North American session, up by 0.27% on Friday and by over 1.34% in the week, with the pair staying upward biased and set to test higher prices seen last year. At the time of writing, the pair trades at 1.4175, after bouncing off daily lows of 1.4131.
USD/CAD Price Forecast: Technical outlook
Price action shows a clear uptrend, with USD/CAD poised to test 1.4200 in the short term. Momentum is also extremely bullish, as depicted by the Relative Strength Index (RS), which is above the overbought level of 70 and near an extreme at 86.45, indicating the pair is subject to a pullback.
For a bullish continuation, the USD/CAD must clear 1.4200. A breach of the latter will expose April 9, 2025, at 1.4273, followed by April 1, 2025, at 1.4415.
On the flip side, if USD/CAD drops below 1.4150, sellers could test the psychological 1.4100 mark. Below this level is the June 11 daily high turned support at 1.4024, followed by the June 15 daily low of 1.3994. On further weakness, the next stop would be the June 10 swing low of 1.3899.
USD/CAD Price Chart – Daily
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