USD/CAD Tumbles Below Nine-Day EMA Amid Bearish Bias

The USD/CAD exchange rate has continued its downward trend, falling to near 1.3850 after breaking below the nine-day EMA on Thursday.

This decline marks the second consecutive day of losses for the pair and is attributed to a bearish bias signaled by the descending channel pattern in the daily chart.

The technical analysis indicates that the USD/CAD is currently holding below both the nine- and 50-period Exponential Moving Averages (EMAs), with the short-term EMA sitting just above price, reinforcing immediate topside pressure.

According to FXStreet's technical analysis tool, a break below the descending channel would open up the possibility of the pair navigating the region around 1.3481, its lowest since October 2024.