USD CAD technical analysis I'm going to share my analysis about USD CAD however right now London session is about to open but I'm already seeing momentum in the market specialy USA dollar index is showing bullish momentum on the higher time frame chart However on the lower time frame chart it's still bearish however it could continue to go up again. For further analysis about USD CAD is that USD/CAD halts its four-day winning streak, trading around 1.3770 during the Asian hours on Wednesday. The technical analysis of the daily chart suggests that the pair moves sideways within the rectangular pattern, indicating a neutral bias in play.
However, the 14-day Relative Strength Index (RSI) remains above the 50 level, indicating a bullish outlook. Additionally, the USD/CAD pair remains above the nine-day Exponential Moving Average (EMA), suggesting the short-term price momentum is stronger. The USD/CAD pair is testing the upper boundary of the rectangle around 1.3780, followed by the two-month high of 1.3798, which was recorded on June 23. A break above this resistance zone could cause the emergence of the bullish bias and support the pair to approach the three-month high of 1.4016, which was reached on May 13. On the downside, the USD/CAD pair could find the primary support at the 50-day EMA of 1.3738, followed by the nine-day EMA at 1.3713. A break below these levels could weaken the short- and medium-term price momentum and put downward pressure on the pair to navigate the region around the rectangle’s lower boundary at 1.3560, aligned with the nine-month low of 1.3539.
