Forex
USD/CAD Extends Losses as Bearish Bias Persists
The USD/CAD pair continues to experience selling pressure, extending its losses for the second consecutive day. Currently trading around 1.3820 during Asian hours on Thursday, it appears that the technical analysis of the daily chart suggests a bearish bias. The pair is positioned within a descending channel pattern, which indicates a downward trend.
The immediate barrier to upside movement lies at the nine-day Exponential Moving Average (EMA) of 1.3856. A break above this level would be required for the pair to navigate the region around 1.3941, where the descending channel top meets the 50-day EMA. However, a break below the channel could lead to the USD/CAD navigating towards 1.3481, its lowest point since October 2024.