USD/CAD has broken out of its multi-month consolidation, advancing above the 200-day moving average as bullish momentum strengthens. The daily MACD remains firmly in positive territory, suggesting scope for further gains toward 1.4110–1.4165. Any near-term retracement is likely to find support around the recent pivot low at 1.3930, Société Générale's FX analysts note.

Upward momentum targets 1.4110–1.4165 zone

"USD/CAD recently broke out from its multi-month range and crossed the 200-DMA. Daily MACD remains anchored within positive territory highlighting prevalence of upward momentum."

"The pair is gradually heading towards projections of 1.4110/1.4165, which could be an intermittent resistance zone. In case a short-term pullback develops, the recent pivot low at 1.3930 is likely to cushion downside."