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USD/CAD slips toward 1.4210 after pulling back from 18-month highs

FXStreet says the pair holds above its nine- and 50-day EMAs, but RSI around 74 suggests short-term upside may be stretched.

Reported · Written up by our desk · Major Pairs

USD/CAD fell for a second consecutive day, trading around 1.4210 during Asian hours on Friday, after the pair retreated from nearly 18-month highs, according to FXStreet.

The outlet’s technical read places USD/CAD slightly below the top trendline of an ascending channel, while spot remains above the nine-day and 50-day exponential moving averages, indicating continued near-term demand.

FXStreet added that the 14-day Relative Strength Index is hovering near the overbought area around 74, and it outlined a potential rebound toward 1.4262, the nearly 18-month peak from October 1, followed by the channel top near 1.4270.

On the downside, the newsletter identified the nine-day EMA near 1.4157 as primary support, warning that a break below the short-term average would weaken the bullish bias and push the pair toward the lower part of the channel.

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