The USD/CAD pair appears to be fragile near monthly low around 1.3620 in Thursday’s European session.
USD/CAD sees more downside below 1.3600 as the US Dollar remains on the backfoot. Easing US labor market strength and rising concerns over economic outlook have weighed on the US Dollar. Next major trigger for the Canadian Dollar and the US Dollar will be the Employment data from their respective regions.
The major shifts below the 50-day Exponential Moving Average near 1.3676, suggesting that the near-term trend is bearish. The 14-day Relative Strength Index has declined to near 40.00. A decisive break below 60.00 levels would push momentum on the downside. A decisive breakdown below May 3 low around 1.3600 will expose the asset to April 9 low around 1.3547 and the psychological support of 1.3500.
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