USD/CAD posts gains after registering minor losses in the previous day, trading around 1.4210 during the European hours on Wednesday.
The pair is positioned close to nearly 15-month highs
The technical analysis of the daily chart indicates the pair is remaining within the ascending channel pattern, indicating a persistent bullish bias. The USD/CAD pair is holding a firm bullish bias as it extends its advance above the nine-day Exponential Moving Average (EMA). The short-term EMA running above the longer-term EMA reinforces the constructive trend, while the 14-day Relative Strength Index (RSI) at 78.6 sits in overbought territory, hinting that upside momentum remains strong but leaves the pair vulnerable to corrective pullbacks if buyers lose conviction near current levels.
The USD/CAD pair may target the primary barrier at the nearly 15-month high of 1.4248, reached on June 24, aligned with the upper boundary of the ascending channel around 1.4320. A sustained break above this confluence resistance zone would open the door for further gains toward 1.4400. The primary support lies at the nine-day EMA of 1.4177.