USD/CAD: Breaking Below Key SupportChart Analysis:
USD/CAD is showing signs of weakness, having dipped below the key 1.4300 support level, putting further downside into focus.
1️⃣ Breakdown Below Support:
The 1.4300 level, which previously acted as strong support, has now failed.
Sustained trading below this level could accelerate bearish momentum.
2️⃣ Moving Averages Tilting Bearish:
50-day SMA (1.4331): Recently breached, acting as newfound resistance.
200-day SMA (1.3872): Remains a key long-term support zone.
3️⃣ Momentum Indicators Reflect Weakness:
RSI: 42.68, signaling bearish momentum but not yet oversold.
MACD: Sliding further into negative territory, confirming downside bias.
What to Watch:
If price remains below 1.4300, downside targets include 1.4200, followed by the 1.4000 handle.
A recovery back above 1.4300 could neutralize short-term downside pressure.
Bearish momentum is building, but a potential oversold bounce could emerge if selling extends too aggressively.
USD/CAD is at risk of deeper losses as support turns into resistance—further declines look likely unless bulls reclaim control.
-MW
