The USDCAD pair has risen slightly in its recent intraday trading, thanks to the firm support level at 1.4280. This comes amid the dominance of an upward corrective trend and trading along a trendline with a relatively mild slope, as the pair attempts to recover some of its previous losses. At the same time, it is offloading some of its evident oversold condition indicated by the RSI, especially as a positive crossover begins to emerge.

However, despite these factors, the pair continues to face persistent bearish pressure because it is trading below its 50-day simple moving average, and it should be noted that it has come off a violent downward move. Based on this, our forecast for the pair is positive on the intraday levels only—provided that the support at 1.4280 holds—potentially targeting a retest of the resistance at 1.4350.