USD/CAD: The Breakdown Continues! Is 1.3650 the Next Stop?USD/CADOANDA:USDCADLingridThe Macro Context: A Fragile Balance 🛰️ As of mid-April 2026, the USD/CAD pair is being driven by a complex mix of soft Canadian labor data and a shifting global inflation narrative. While the Bank of Canada remains on hold at 2.25% (next decision April 29), the recent surge in oil prices due to Middle East tensions is providing structural support to the CAD, despite ongoing trade policy uncertainty. The Setup: Textbook Structural Shift 🧩 The 10H chart reveals a perfect sequence of bearish technical events: The Wedge Breakdown: After a strong rally in March, price action narrowed into a Rising Wedge. The "Break" occurred near 1.3850, signaling the exhaustion of the buyers. The Perfect Retest: Notice the "Retest" label—price returned to the broken wedge support (flipping it to resistance) before the next impulsive leg lower. Horizontal Breach: Most importantly, price has just sliced through the major horizontal Support Line near 1.3750. This level, which acted as a floor for weeks, is now likely to serve as the new ceiling. The Roadmap: Destination 1.3650 🎯 Following the purple zig-zag projection, the path of least resistance remains firmly to the downside: Immediate Resistance: The 1.3730 – 1.3750 zone. Any relief bounces into this area are currently considered "Sell the Rip" opportunities. Primary Target: The lower macro Trendline Support sitting near 1.3650. Invalidation: A sustained daily close back above 1.3800 would suggest a "fakeout" and force a re-evaluation of the bearish thesis.