USD/CAD Price Forecast: Eyes 1.3950 near ascending channel top
USD/CAD continues its winning streak for the sixth consecutive day, trading around 1.3930 during European hours on Wednesday. The technical analysis of the daily chart indicates that the price is positioned slightly below the top trendline of an ascending channel, suggesting an ongoing bullish bias.
USD/CAD is poised to test the ascending channel's top trendline at 1.3970, following its six-day winning streak. The technical analysis indicates a bullish bias, as the pair holds above key EMAs and the 14-day RSI suggests steady momentum. A successful break above the channel could propel the pair towards the 17-month high of 1.4248, while a break below may trigger a bearish reversal.
Scotiabank strategists note that the Canadian Dollar's support from commodity and rate dynamics may be insufficient against broader Greenback strength during the FOMC decision.
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