USDCAD price renews the bearish momentum - Analysis

The USDCAD pair’s price has declined in its latest intraday trading, and the pair is preparing to break the support level at 1.3860.

This decline has been driven by renewing the selling pressure after the pair had previously managed to absorb the oversold conditions that were obvious in the Relative Strength Index (RSI) indicators.

This comes amid the dominance of the main bearish trend and trading near a downward trendline, the continued trading below the EMA50 weakens the price action.