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• USD/CAD tests the immediate barrier at the psychological level of 1.4400.
• The bullish bias persists, as the 14-day RSI remains above the 50 mark.
• The immediate support appears at the lower boundary of the ascending channel, near the 1.4350 mark.

The USD/CAD pair maintains its position after two consecutive days of gains, trading close to 1.4400 during the Asian session on Wednesday. On the daily chart, the pair is within an ascending channel, indicating a prevailing bullish trend.

The 14-day Relative Strength Index (RSI) hovers just above the 50 mark, signaling sustained positive momentum. A consistent RSI above 50 would further endorse the bullish sentiment.

Additionally, the USD/CAD pair trades slightly above the nine- and 14-day Exponential Moving Averages (EMAs), reinforcing the bullish trend and suggesting strong short-term price action. This alignment reflects solid buying interest and hints at the potential for further upside movement.

On the upside, the USD/CAD pair is testing the psychological level of 1.4400 and is positioned to challenge 1.4518—its highest level since March 2020, achieved on January 21. Further resistance is expected near the upper boundary of the ascending channel, around 1.4840.

Immediate support lies at the nine-day EMA at 1.4380, closely followed by the 14-day EMA at 1.4377. This level coincides with the lower boundary of the ascending channel, near the 1.4350 mark, providing a robust support zone.

USD/CAD: Daily Chart
 

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