USD/CAD Tests Bearish Channel ResistanceU.S. Dollar / Canadian DollarFOREXCOM:USDCADFOREXcomUSDCAD on the daily chart remains under short-term pressure, with price continuing to respect a well-defined descending channel from the recent swing high. The pair is now trading below the 50-day SMA, while the 200-day SMA remains higher and continues to slope gently upward, leaving the broader structure mixed but the near-term tone clearly softer. The chart shows repeated rejection from the upper channel boundary, followed by a steady sequence of lower highs and lower lows. Price has now pulled back toward the 78.6% Fibonacci retracement near 1.3620, which is acting as an important support zone. This area stands out because it aligns closely with the lower portion of the current channel, making it a key technical region for short-term price response. Momentum indicators still lean cautious. MACD remains below the zero line and the signal structure is negative, reflecting fading momentum after the April peak. RSI is near 42.6, which suggests bearish pressure is still present, although it is not yet in deeply oversold territory. That leaves room for either continued drift lower within the channel or a stabilization attempt if support continues to hold. Overall, the short-term bias looks bearish while price remains confined inside the descending channel and below the 50-day SMA. At the same time, the nearby Fibonacci support adds an element of hesitation, so this zone may determine whether the pair extends the pullback or begins forming a base. -MW