USD/CAD Price Analysis: Maintains position above 1.3650 due to weakening bearish bias

USD/CAD treads water to continue its gains for the second consecutive session, trading around 1.3680 during the European hours on Wednesday.

USD/CAD could extend its gains as the 14-day RSI indicates a momentum shift toward the upside. The momentum indicator MACD also suggests a weakening bearish bias as converging below the signal line. A break below the 1.3600 could exert downward pressure on the pair. Analysis of the daily chart suggests a bearish bias for the USD/CAD pair, as it remains within a descending channel.

A break below the latter could exert downward pressure on the pair, leading it to test the psychological level of 1.3500, followed by the lower threshold of the descending channel. On the upside, the USD/CAD pair could break above the upper boundary of the descending channel, followed by a psychological level of 1.3700 and a pullback resistance of 1.3740. A breakthrough above this resistance could lead the pair to explore the region around the key level of 1.3800, followed by April’s high of 1.

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