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2025-10-29 19:33:10
[USD/CAD Technical Analysis] The hourly chart shows that the exchange rate has fallen from 1.4037 and is moving along the descending trendline. A long bearish candle broke through the static level of 1.3958, finding support at 1.3923, and is currently consolidating around 1.3940. The two purple horizontal lines on the chart mark 1.3980 and 1.3958 respectively; the former is the first short-term resistance, while the latter has turned from support to resistance. The sloping trendline intersects with the price near 1.3960, showing a significant resistance effect. In terms of indicators, the MACD (26,12,9) shows DIF at -0.0009, DEA at -0.0011, and the histogram at 0.0004. The DIF has slightly crossed above the DEA but remains below the zero line, indicating that the bearish momentum has weakened but not reversed. The RSI is around 42, having previously rebounded from around 30 but failing to return to the neutral zone, suggesting the rebound is mainly a technical correction. If it breaks above 1.3958 and stands above the trend line, the target is 1.3980; conversely, if it falls below 1.3923 with high volume, the psychological level of 1.3900 will be tested.
