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market analysis

The bearish structure of the USD/Canada remains unchanged, and the short-term rebound relies on 1.3700 support

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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange Decision Analysis]: The bearish structure of the US dollar/Canada dollar remains unchanged, and the short-term rebound depends on 1.3700 support." Hope it will be helpful to you! The original content is as follows:

On Tuesday, the Canadian dollar (CAD) remained firm against the US dollar (USD), and the US dollar/Canadian dollar fell slightly during the US session, trading around 1.3710. Although the JOLTS job opening report was stronger than expected, the pair stabilized earlier as the dollar attempted a slight rebound and then lost momentum. Market participants remain cautious as they await the Bank of Canada's (BoC) interest rate decisions on Wednesday, with the market expecting the central bank to keep interest rates unchanged.

In terms of technology, the overall situation is still biased towards short positions. The USD/CAD has been in a steady downward trend since March, forming lower highs and lows within the downward channel. On the downside, around 1.3700 is considered short-term support, forming a support level in recent trading. If it continues to fall below this level, it may pave the way for stronger support near 1.3600, which level matches the lower boundary of the channel. A clean breakout through this area may trigger a new round of selling orders, which may be exposed to the 1.3520–1.3500 area next.

In the upside, any rebound first requires breaking through the 21-day exponential moving average of 1.3832 - a dynamic resistance level that limits the recent rebound. If the breakout breaks through the top of the channel and the 1.3850 area will be a more meaningful signal for the bulls to regain control and may open the road to 1.3950.

In other words, the momentum indicator shows that bearish momentum may begin to weaken. The Relative Strength Index (RSI) is currently slightly above the oversold threshold of 35. Although this level is not extreme,It does indicate that selling pressure may be close to weakness. The RSI has remained below 50 for the past month, indicating that the seller has had the upper hand for a while. Some buyers may start tempting the market. Meanwhile, moving average convergence/divergence (MACD) is still in the negative range, but the histogram bar gradually shrinks—which indicates that the lower action energy is weakening. This flattening suggests that bears are losing momentum and that if the psychological level of 1.3700 continues, the pair may be ready for a short-term rebound.

The above content is all about "[XM Forex Decision Analysis]: The bearish structure of the US dollar/Canada dollar remains unchanged, and the short-term rebound depends on 1.3700 support". It is carefully eouu.cnpiled and edited by the editor of XM Forex. I hope it will be helpful to your trading! Thanks for the support!

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market analysis

The bearish structure of the USD/Canada remains unchanged, and the short-term rebound relies on 1.3700 support

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The bearish structure of the USD/Canada remains unchanged, and the short-term rebound relies on 1.3700 support

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