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The USDCAD price breaks support of a negative pattern - Analysis-08-04-2026
The (USDCAD) declined sharply during recent intraday trading, breaking all nearby support levels. First: breaking below EMA50, followed by breaking a main short-term bullish trendline, which intensified the negative pressure surrounding the pair.
Eventually, the pair broke the key support level at 1.3865. This level represented the neckline of a previously formed negative technical pattern (a double top). In the background, negative signals continue to emerge from the relative strength indicators, despite reaching heavily oversold levels.
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