This 4-hour USDCAD chart reveals a bearish continuation as the pair rejects the purple resistance zone around 1.3600-1.3620 after forming lower highs in a descending channel, with the black downward arrow pointing to fresh selling pressure driving price to test the blue support at 1.35478 down minimally 0.01 percent amid CAD strength from surging oil prices and geopolitical tensions boosting energy exports. Fundamentals from Forex Factory on March 10 2026 show light calendar with Japanese data like prelim machine tool orders at 24.2 percent missing slightly and no major US or Canadian releases today but ongoing risk-off flows from Middle East escalations supporting commodity currencies while cooling US labor signals limit dollar gains; recent CAD resilience tied to WTI crude above 90 dollars and BoC steady at 2.25 percent contrasts Fed cut expectations pressuring USD. Technically the breakdown from the channel favors shorts on rallies to 1.3570-1.3580 with stops above 1.3600 targeting 1.3480-1.3500 extension as CAD outperforms in this environment setting up a high-probability profitable downside trade in the pair catching the momentum shift.
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