The USDCAD has extended its decline, breaking below a series of key support levels and reinforcing the bearish momentum that has gripped the pair since last week. After failing twice last week at the 200-day moving average near 1.4016 (higher green line), sellers took control, and the break below the 100- and 200-hour MAs with momentum yesterday, confirmed the shift in near-term bias.
Earlier today, the pair tested, then broke below the 1.38607 support, triggering further downside and clearing the way for a test of the next swing level at 1.38252. That level has now also given way, and the market is eyeing the extreme lows from 2025, including:
1.37810 (swing low from April 21)
1.37698 (swing low from April 30)
1.3759 (swing low from May 2)
1.37497 (low for year from May 6, 2025)
1.3441 (61.8% retracement of the 2023–2024 rally - not shown)
? Bias: Bearish below 1.3860. Breaks of 1.3825 and 1.3781 increase downside momentum toward the 2025 low extreme zone.
These levels mark critical downside targets for sellers aiming to extend the move further. Momentum favors a push toward that lower band unless buyers can reclaim broken support levels.
On the upside, 1.3860 now becomes initial resistance, with a broader bearish risk zone up to 1.3891–1.3904. A move back above this range is needed to signal any meaningful shift in control.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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