USD/CAD trades around 1.3780 during the early European hours on Wednesday, hovering within an ascending channel on the daily chart.
USD/CAD may continue to advance as technical analysis suggests a resurgence of bullish sentiment. A break above the 1.3800 level might propel the pair to revisit its five-month high of 1.3846. The pair could find support around the psychological level of 1.3700 and the 23.6% Fibonacci retracement level of 1.3688. USD/CADtrades around 1.3780 during the early European hours on Wednesday,hovering within an ascending channel on the daily chart.
3846, followed by the upper boundary of the ascending channel near 1.3899, the highest level not seen since November. Conversely, on the downside, the USD/CAD pair could navigate the region around the psychological level of 1.3700, followed by the 23.6% Fibonacci retracement level of 1.3688, which is drawn between the levels of 1.3178 and 1.3846. A break below this level could lead the pair to test the lower boundary of the channel around the 1.3640 level.
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