USDCAD | Cracks in the Ice at 1.3725USD/CADOANDA:USDCADAlchemyMarketsMacro Hook: USD/CAD is under pressure as oil strength provides a CAD tailwind and markets lean toward deeper Fed easing relative to the BoC. The backdrop has flipped from summer’s CAD softness (BoC dovish hold + weak Canadian data) to a September environment where USD underperforms on relative policy and risk tone. Technical Lens: Price has broken the local trendline (DL1), shifting risk lower toward the neckline pivot (DL2 at ~1.3725). Acceptance below DL2 confirms a downside path toward the 1.3600 zone (structural objective / channel support). Invalidation sits at ~1.3900 on a closing basis. RSI has also slipped beneath the midline, leaving momentum space open to extend lower. Scenarios: If DL2 (1.3725) holds → rebound risk back into 1.3860–1.3900. If DL2 breaks/accepts → path of least resistance opens to 1.3600. Catalysts: Watch crude price momentum, Fed vs BoC policy signals, and near-term US/CAD data releases for confirmation. Takeaway: 1.3725 is the decision line; below it, the structural path points to 1.3600.