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Early in the European session today, the USD/CAD pair attempted to halt its decline but was unsuccessful. It is currently trading around 1.3678. Bearish sentiment remains in place, as oscillators on the daily chart are gradually shifting into negative territory. The 14-day Relative Strength Index (RSI) is below the 50 level, indicating strengthening bearish momentum.
In addition, USD/CAD has fallen below the 9-day Exponential Moving Average (EMA), signaling a weakening of short-term price momentum.
On the other hand, resistance is located at the psychological level of 1.3700, above which lies the 50-day Simple Moving Average (SMA) near 1.3730. This is followed by a barrier at the 50-day EMA at 1.3742. A break above these levels could allow the pair to challenge the monthly high near 1.3775.
However, as long as the RSI remains below 50, the pair lacks the strength for such a rebound, and prices may continue to decline.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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