USD/CAD Continues Winning Streak Near Channel Top

The USD/CAD pair continues its winning streak for the sixth consecutive day, trading around 1.3930 during European hours on Wednesday.

Technically, the price is positioned slightly below the top trendline of an ascending channel, suggesting a bullish bias.

The pair holds a modest bullish bias as it sits above both the nine-period and 50-period Exponential Moving Averages (EMAs), indicating a constructive underlying tone.

The USD/CAD pair is targeting the immediate barrier at the top trendline of the ascending channel around 1.3970, with strategists at Scotiabank cautioning that this may not be sufficient to resist broader Greenback strength.