USD/CAD Price Forecast: Pulls back from multi-year highs near 1.4500

• USD/CAD retreats from 1.4485, the highest level since March 2020, approached on Monday.
• The bullish bias remains intact, with the 14-day RSI holding above the 50 mark, signaling sustained upward momentum.
• The nine-day EMA at the 1.4405 level serves as initial support for the pair.

The USD/CAD pair ends its two-day winning streak, trading near 1.4450 during Monday's European session. From a technical standpoint, the daily chart suggests the pair trading within an ascending channel, indicating a continued bullish bias.

The 14-day Relative Strength Index (RSI) remains above the 50 level, reflecting sustained bullish momentum. If the RSI holds above 50, it could reinforce positive sentiment.

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

The USD/CAD pair continues to challenge the 1.4485, the highest level since March 2020, recorded on January 20. A further resistance level is positioned at the upper boundary of the ascending channel, near the key psychological mark of 1.4600.

On the downside, the initial support lies around the nine-day EMA at 1.4405, followed by the 14-day EMA at 1.4392, aligned with the lower boundary of the ascending channel.

USD/CAD: Daily Chart