FX.co ★ Blackpink | USD/CAD

The USD/CAD currency pair recorded its third consecutive session of losses on Wednesday, trading near the 1.3780 level during European trading hours. A review of the daily chart confirms that price action remains contained within a well-defined descending channel, underscoring the pair's sustained bearish trajectory. From a technical standpoint, the near-term outlook continues to favor sellers, as the exchange rate trades below both its 9-day and 50-day Exponential Moving Averages (EMAs). The positioning of the shorter-term EMA beneath the longer-term average, coupled with price action situated below both, reflects a corrective and range-bound market structure rather than the early stages of a trend reversal. This bearish bias is further corroborated by momentum indicators: the 14-day Relative Strength Index (RSI) currently reads near 38, remaining in negative territory, though it has yet to enter oversold conditions that would typically warrant caution among bearish participants. Should downward momentum persist, the pair may target the lower boundary of the descending channel at 1.3600. A confirmed break below this level would expose the pair to further downside toward 1.3481, a level unseen since October 2024 and a critical support zone for market participants to monitor. Conversely, the immediate resistance for bulls lies at the 9-day EMA, positioned at 1.3819. A more significant barrier follows at the confluence of the descending channel's upper boundary and the 50-day EMA, both converging near 1.3918. A sustained break above this resistance cluster would materially strengthen the bullish case, potentially paving the way for a move toward the 1.4248 region the pair's approximate 17-month high, recorded on June 24, 2026. Until such a breakout materializes, however, the technical backdrop continues to favor the downside, with the descending channel remaining the dominant structural framework guiding USD/CAD's near-term price action.