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USD/CAD Price Analysis: Hovers around 1.3750; grapples to return to rising channel

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Technical Analysis,Majors

USD/CAD extends its gains for the second day, trading around 1.3750 during early European hours on Friday.

USD/CAD could test the lower boundary of the rising channel, potentially rebounding to re-enter the rising channel. Further movements on the 14-day RSI will provide a clearer directional indication. The pair could find key support at the psychological level of 1.3700 and the 50-day EMA of 1.3670 level. Analysis of the daily chart indicates a weakening bullish bias for the USD/CAD pair, as it struggles to re-enter the rising channel pattern.

3780, followed by the key barrier at the psychological level of 1.3800. Further support is found at April’s high of 1.3846. A break above this level could lead the USD/CAD pair to approach the upper threshold of the rising channel around 1.3890. On the downside, the USD/CAD pair could find immediate support at the psychological level of 1.3700, which aligns with the 50-day Exponential Moving Average at 1.3670.

 

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