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Limited bullish attempts have emerged in the short term, attempting to stabilize the USD/CAD pair after the 1.3570 support level temporarily halted the prevailing downtrend.
From a technical standpoint, the 4-hour chart reveals persistent bearish pressure, with the simple moving averages capping gains from above. Additionally, the Relative Strength Index (RSI) continues to signal weakness, remaining below the 50 midline, further supporting the downside bias.
Given these conditions, the potential for further bearish movement remains intact. A confirmed break below the 1.3560 level would likely clear the path for declines toward the next key support levels at 1.3520 and 1.3475, provided that daily trading remains consistently below 1.3650.
Warning: The risk level is high amid ongoing trade and geopolitical tensions, and all scenarios remain on the table. Traders should approach the market with caution.
Risk Disclaimer: Amid global economic uncertainties and trade tensions, risk levels remain high. Traders should proceed with caution and be prepared for a range of market scenarios.
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