USD/CAD Price Forecast: Eyes 50-day EMA after breaking above confluence around 1.3900
USD/CAD extends its gains for the second consecutive day. trading around 1.3940 during the European hours on Wednesday. The technical analysis of the daily chart indicates the pair is positioned above the descending channel top, signalling a bullish reversal.
USD/CAD is poised to test the 50-day EMA at 1.3949 after breaking above a confluence around 1.3900, signaling a potential bullish reversal. The pair is currently consolidating in a neutral near-term bias, with the 14-day RSI hovering around 51 and indicating balanced momentum. A break above the 50-day EMA could strengthen the bullish bias, potentially driving the pair towards the 17-month high of 1.4248.
Conversely, a pullback towards the 9-day EMA of 1.3882 may revive bearish sentiment, testing the descending channel bottom around 1.3670.
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