Forex
USD/CAD Bears Eyeing 1.3570 Support as Price Breaks Above Nine-Day EMA
The USD/CAD exchange rate is trading near 1.3850 after breaking above its nine-day Exponential Moving Average (EMA). This breakout indicates a bearish bias, as the pair remains within a descending channel pattern.
Technical analysis suggests that the price is clinging to the support of the nine-day EMA at 1.3828. A sustained break below this level would expose the descending channel bottom at 1.3570, followed by 1.3481, which was the lowest level since October 2024.
On the other hand, if the USD/CAD pair rises towards the primary barrier at the descending channel top near 1.3890, it could strengthen its bullish bias and support a move towards the nearly 17-month high of 1.4248, recorded on June 24, 2026.