USD/CAD consolidates within the ascending channel on the daily chart, with the 14-day Relative Strength Index (RSI) positioned above 50, indicating a recovery of bullish sentiment.
USD/CAD could gain ground as technical analysis indicates a recovery of bullish sentiment. A break above 1.3800 could lead the pair to revisit its five-month high of 1.3846. A breach below the channel’s lower boundary around 1.3630 could weaken the bullish sentiment. USD/CAD consolidates within the ascending channel on the daily chart, with the 14-day Relative Strength Index positioned above 50, indicating a recovery of bullish sentiment. The pair edges higher to near 1.
On the downside, the USD/CAD pair might test the lower boundary of the channel around the 1.3630 level. A breach below this level could exert downward pressure on the pair, leading it toward the region around the psychological support at 1.3600 and the 38.2% Fibonacci retracement level of 1.3591, plotted between the levels of 1.3178 and 1.3846. The next significant support level lies at 1.3478, should the USD/CAD pair experience further depreciation, followed by December’s low at 1.3178.
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