USD/CAD Price Forecast: Falls toward 50-day EMA near 1.4300

• USD/CAD may test its initial support at the 50-day EMA of 1.4306. 
• The 14-day Relative Strength Index is slightly below 50, signaling a bearish outlook. 
• Immediate resistance is seen at the nine-day EMA of 1.4371.

USD/CAD continues its losing streak for the third consecutive day, trading around 1.4330 during Thursday's Asian session. Technical analysis on the daily chart suggests the pair remains within a descending channel pattern, reinforcing a bearish outlook.

The 14-day Relative Strength Index (RSI) sits just below 50, indicating a bearish sentiment. A continued decline could further validate the downside bias. Additionally, the USD/CAD pair remains below the nine-day Exponential Moving Average (EMA), signaling weaker short-term price momentum.

The initial support is located at the 50-day EMA of 1.4306, closely aligned with the psychological level of 1.4300. A decisive break below this key support zone could accelerate bearish momentum, potentially driving the USD/CAD pair toward the three-month low of 1.4151, last seen on February 14.

On the upside, the USD/CAD pair faces immediate resistance at the nine-day EMA of 1.4371, followed by the upper boundary of the descending channel near 1.4530. A breakout above this channel could weaken the bearish outlook, potentially opening the door for a rally toward 1.4793--the highest level since March 2003, recorded on February 3.

USD/CAD: Daily Chart