USD/CAD Price Forecast: Remains below 1.4450 near immediate support at the nine-day EMA

• USD/CAD may encounter initial resistance at the monthly high of 1.4543.
• The 14-day Relative Strength Index (RSI) is positioned above 50, supporting a bullish outlook.
• Immediate support is positioned at the nine-day EMA, around the 1.4401 level.

USD/CAD retraces its recent losses, trading around 1.4440 during the European hours on Wednesday. Technical analysis on the daily chart suggests the pair remains within an ascending channel pattern, suggesting a bullish bias.

The 14-day Relative Strength Index (RSI) remains above 50, reinforcing a bullish sentiment. A continued decline could further validate the downside bias. Additionally, the USD/CAD pair remains above the nine-day Exponential Moving Average (EMA), signaling a strengthening short-term price momentum.

The USD/CAD pair could find initial resistance at the monthly high of 1.4543, which was recorded on March 4., followed by the upper boundary of the ascending channel at 1.4650. A break above this level could reinforce the bullish bias and support the pair to explore the region around 1.4793--the highest level since March 2003, recorded on February 3.

On the downside, the immediate support is located at the nine-day EMA of 1.4401 level. A break below this level could weaken the short-term price momentum and put downward pressure on the USD/CAD pair to test the 50-day EMA at 1.4322, closely aligned with the ascending channel's lower boundary.

Further decline would weaken the bullish bias and lead the USD/CAD pair to navigate the area around the three-month low of 1.4151, last seen on February 14.

USD/CAD: Daily Chart