USDCAD remains bearish after a three-wave corrective rally, viewed as wave 4, that stalled near the 1.3750 resistance at the upper channel line. This suggests the broader downtrend from December remains intact, with wave 5 potentially unfolding toward new lows and a possible break of channel support near 1.3550. The Canadian dollar is also supported by rising crude oil prices, as Canada is a major oil exporter, adding further downside pressure on the pair.
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