USD/CAD Price Forecast: Moves below 1.4400 after pulling back from recent highs

• USD/CAD retreats from the 1.4467, the highest level since March 2020.
• The bullish bias is in play as the 14-day RSI remains above the 50 mark.
• The nine-day EMA at the 1.4387 level acts as initial support for the pair.

The USD/CAD pair ends its four-day winning streak, trading near 1.4390 during Monday's European session. From a technical perspective, the daily chart shows the pair moving within an ascending channel, signaling a continued bullish bias.

The 14-day Relative Strength Index (RSI) remains above the 50 level, indicating sustained bullish momentum. If the RSI stays above 50, it could strengthen the positive sentiment further.

Additionally, USD/CAD trades above the nine- and 14-day Exponential Moving Averages (EMAs), underscoring a bullish trend and strong short-term price momentum. This alignment reflects solid buying interest and suggests the potential for further gains.

On the upside, USD/CAD continues to challenge the 1.4467, the highest level since March 2020, recorded on December 19. A further resistance level is positioned at the upper boundary of the ascending channel, near the key psychological mark of 1.4500.

The initial support lies around the nine-day EMA at 1.4387, followed by the 14-day EMA at 1.4361. If the pair breaks below these levels, additional support can be found at the lower boundary of the ascending channel, around 1.4310.

USD/CAD: Daily Chart