USD/CAD Tests Lower Support as Momentum Softens Below Key MovingU.S. Dollar / Canadian DollarFOREXCOM:USDCADFOREXcomUSD/CAD is showing a near-term bearish tone on the daily chart after failing to hold the early-April push higher. Price has rolled over from the recent swing high and is now trading beneath both the 50-day SMA and the 200-day SMA, which places the pair in a weaker short-term technical position while also highlighting overhead resistance from those trend gauges. The current decline is developing inside a clearly defined descending channel, with price respecting the upper and lower bounds during the recent leg down. That structure suggests sellers still have short-term control unless the pair can reclaim the channel top and recover back above the nearby moving-average cluster. Momentum studies are also leaning soft. The MACD has crossed lower and remains below its signal line, reflecting fading upside momentum after the prior rally. At the same time, RSI has slipped into the high-30s, which points to weakening strength without yet showing a strong reversal signal on its own. Another level worth noting is the nearby Fibonacci retracement zone around the 78.6% level, which is acting as a visible support reference. Price is attempting to stabilize near that area, so the reaction here may help determine whether this is only a pause within the decline or the start of a broader base-building phase. Overall, the chart remains pressured in the short term while price stays below the descending channel resistance and under the major moving averages. A recovery from current support would improve the structure, but for now the technical picture appears cautious to bearish based on trend, momentum, and price action alignment. -MW