USD/CAD Price Analysis: Hovers above 1.3750, barrier at upper boundary of the channel

USD/CAD could test the upper boundary of the rising channel around the level of 1.3775. The momentum indicator 14-day RSI suggests an emergence of a bullish bias. A break below the 21-day EMA could lead the pair to test thelower threshold of the rising channel around the level of 1.3640. Analysis of the daily chart suggests an emergence of a bullish bias for the USD/CAD pair, as it moves within the rising channel pattern.

A breakthrough above the latter level could provide support for the pair to explore the region April’s high of 1.3846. On the downside, the USD/CAD pair could find key support around the 21-day Exponential Moving Average of 1.3684 level. A break below this level could exert pressure on the pair to navigate the region around the lower threshold of the rising channel around the level of 1.3640, followed by the throwback support at 1.3590. USD/CAD: Daily Chart USD/CAD Overview Today last price 1.

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