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fxJun 10, 2026, 8:58 AM

USD/CAD Could Rebound Toward 1.4000, Ascending Channel Intact

USD/CAD edged lower to 1.3930 during European trading on Wednesday but remains within an ascending channel on the daily chart, suggesting a potential rebound toward the six-month high near 1.4000.

USDCAD

The US dollar slipped against the Canadian dollar for a second straight session, with USD/CAD trading around 1.3930 in the European session on Wednesday. Despite the minor pullback, the technical setup on the daily timeframe points to sustained bullish momentum.

The price action continues to follow a well-defined ascending channel pattern. This structure typically indicates that the pair is in a controlled uptrend, with higher highs and higher lows. As long as prices stay within the channel, the bias remains tilted to the upside.

A move back toward the upper boundary of the channel could bring the six-month peak near 1.4000 into focus. A confirmed break above that level would open the door for further gains. Conversely, a loss of the lower channel support would invalidate the bullish outlook.

Source: FXStreet Forex News