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The USD/CAD pair is moving with a bearish bias after retreating from the 1.3850 resistance level, which capped previous highs and pressured the pair into a short-term downtrend.
Technical Outlook – 4-hour timeframe:
Support is emerging near the 1.3800 level on short-term charts. However, the Relative Strength Index (RSI) has started to issue negative signals, while price action remains capped below the 1.3850 resistance, reinforcing the current bearish tone.
Likely Scenario:
A confirmed break above 1.3850 could relieve downside pressure and open the way for further gains toward the next resistance levels indicated on the chart. Conversely, a break below 1.3800 would reinforce bearish momentum and pave the way for a continuation of the downward trend.
Warning: Risks remain elevated amid ongoing trade and geopolitical tensions, and all scenarios should be considered.
Trading in CFDs involves risks, and therefore all scenarios are subject to potential outcomes. The analysis provided above is not a recommendation to buy or sell but rather an illustrative reading of price action on the chart.
| S1: 1.3775 | R1: 1.3870 |
| S2: 1.3720 | R2: 1.3910 |
| S3: 1.3680 | R3: 1.3965 |
