Forex
USD/CAD Bulls Eye Resistance at 50-Day EMA
The USD/CAD pair has broken above a confluence of levels around 1.3900 and is now eyeing resistance at the 50-day EMA of 1.3949.
This comes as the pair extends its gains for the second consecutive day, trading around 1.3940 during European hours on Wednesday.
The technical analysis suggests a bullish reversal, with the USD/CAD positioned above the descending channel top and holding above the short-term nine-day Exponential Moving Average (EMA) but remaining capped by the 50-day EMA.
A break above the medium-term price average would strengthen the bullish bias, supporting the pair to explore the region around the nearly 17-month high of 1.4248, recorded on June 24, 2026.