• The USD/CAD pair tests 21-day EMA at 1.3534 level, followed by the upper boundary of an ascending channel at 1.3570.
• If the 14-day RSI crosses above the 50 level, it could reinforce the bullish bias, indicating increasing upward momentum.
• A break below the lower boundary of an ascending channel at 1.3490 could cause the emergence of the bearish bias.

USD/CAD extends its gains for the second consecutive day, trading around 1.3530 during Thursday’s European hours. Analysis of the daily chart shows that the pair consolidates within the ascending channel, suggesting an ongoing bullish bias.

However, the 14-day Relative Strength Index (RSI) remains below the 50 level, indicating that the bearish trend is still in effect. A breach above the 50 mark would strengthen the ongoing bullish sentiment.

Regarding the upside, the immediate barrier appears at the 21-day Exponential Moving Average (EMA) at the 1.3534 level, followed by the upper boundary of an ascending channel at the 1.3570 level. A breach above the ascending channel would strengthen the bullish bias and lead the USD/CAD pair to test the "throwback support turns into a pullback resistance" level of 1.3590, followed by the psychological level of 1.3600.