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The technical outlook remains unchanged for the USD/CAD pair, with price movements still dominated by a bearish trend after encountering strong resistance near the psychological level of 1.3600.
From today’s technical analysis perspective, the 4-hour chart shows that the simple moving averages continue to apply downward pressure from above. Additionally, the Relative Strength Index (RSI) remains below the 50 midline, reinforcing the bearish momentum.
Therefore, there is room for further downside, particularly if the pair breaks below the 1.3540 support level. Such a move would likely open the path toward the next targets at 1.3500 and 1.3470, as long as daily trading stays below the 1.3610 resistance level.
Warning: Today’s U.S. retail sales data release could trigger significant market volatility.
Warning: Risk remains high amid ongoing trade and geopolitical tensions, and all market scenarios should be considered.
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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