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The Canadian dollar has pulled back after a streak of gains, encountering strong resistance at 1.4360. This level prompted a reversal, with the pair declining to a session low near 1.4215.
From a technical standpoint, the 4-hour chart highlights notable resistance just below the 50-period simple moving average, alongside clear bearish signals from the 14-day momentum indicator—both suggesting a potential for continued downside movement.
In the short term, the pair may remain under pressure, with the first support target at 1.4190. A decisive break below this level could pave the way for further declines, potentially reaching the 1.4125 area.
On the flip side, a return to stable trading around 1.4345 may be sufficient to stall the bearish momentum and revive upward movement, with 1.4430 as a key resistance level to watch.
Caution: High-impact U.S. economic data is scheduled for release today—including Weekly Unemployment Claims and the ISM Services PMI—which could result in heightened market volatility.
Risk Disclaimer: Given ongoing global trade uncertainties and shifting market sentiment, risk levels remain elevated. Traders should prepare for a range of potential scenarios.
This analysis is for informational purposes only and does not constitute financial advice. Trading foreign exchange involves risk, and traders should always conduct their own research and exercise caution.
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