USD/CAD hits 2025 low at 1.4275 on technical breakdown
USD/CAD has declined to 1.4275, marking its lowest level of 2025 as the pair breaks below key support within a well-defined descending channel. The technical structure that began forming on June 4 remains intact, with bearish momentum accelerating after failing to hold above the 1.4300 psychological level. The Canadian dollar's strength reflects improving oil prices (WTI up 1.2% to $78.50) and reduced concerns about US tariffs following Bessent's diplomatic comments. Technical indicators show oversold conditions on the 4-hour RSI at 28, suggesting a potential short-term bounce. Immediate support lies at 1.4250 (channel bottom), while resistance has formed at 1.4320 (previous support turned resistance). A break below 1.4250 could extend losses toward 1.4200, though oversold conditions may trigger consolidation first.
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