USD/CAD Continues Bearish Trend, Descending Channel Pattern Dominates

The USD/CAD currency pair has continued its downward trend for the third consecutive day, hovering around 1.3780 during the European hours on Wednesday.

Technical analysis of the daily chart reveals a descending channel pattern, indicating a persistent bearish bias in the market.

The short-term Exponential Moving Average (EMA) is below the longer one, and the price is trading beneath both indicators, hinting at a capped corrective tone.

The 14-day Relative Strength Index (RSI) is near 38, signaling negative territory without indicating oversold conditions.