USD/CAD Intraday Signal: Downside Prevails Toward 1.3700
Analysis:
USD/CAD trades with a clear bearish intraday bias while remaining below the pivot resistance at 1.3765. Sellers maintain control of the short-term structure, targeting 1.3715 initially and the main downside objective at 1.3700 in extension. Price action continues to form lower highs beneath resistance, reinforcing the prevailing downward trend.
Momentum indicators support the bearish outlook. The RSI is below its neutral 50 level, confirming weakening bullish momentum and favoring further downside continuation. As long as price stays capped below 1.3765, rebounds are expected to remain corrective rather than trend-reversing.
Alternatively, a sustained break above 1.3765 would weaken the bearish scenario and open the path toward 1.3785 and 1.3805, where stronger resistance levels are located.
Trade Setup:
Enter: Short below 1.3765
Stop-Loss (SL): 1.3785
Target A: 1.3715
Target B: 1.3700