Today, the USD/CAD pair retreats from its highest levels since 2020, ending its four-day winning streak.
The Canadian dollar strengthened in response to reports that Canadian Prime Minister Justin Trudeau will step down as leader of the Liberal Party, with a potential resignation announcement expected today. Coupled with the recent rise in crude oil prices, this further strengthens the commodity-linked Canadian dollar, putting pressure on the USD/CAD pair.
On the daily chart, the pair remains within an upward channel, indicating a sustained bullish bias. The RSI (14-day Relative Strength Index) is also in positive territory, above the 50 level, and has exited the overbought zone, signaling a steady bullish sentiment.
Additionally, the USD/CAD pair has just crossed above the 9-day EMA and continues to trade above the 14-day exponential moving average (EMA), emphasizing a bullish trend and strong short-term price momentum. This alignment reflects a consistent buying interest, suggesting the potential for further growth and opportunities for buying on declines.
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