The USDCAD has extended its decline, breaking below a series of key support levels and reinforcing the bearish momentum that has gripped the pair since last week. After failing twice last week at the 200-day moving average near 1.4016（较高的绿线）, sellers took control, and the break below the 100- and 200-hour MAs with momentum yesterday, confirmed the shift in near-term bias.

Earlier today, the pair tested, then 跌破1.38607支撑, triggering further downside and clearing the way for a test of the next swing level at 1.38252. That level has now also given way, and the market is eyeing the 2025年以来的极端低点, including:

• 1.37810 (swing low from April 21)

• 1.37698 (swing low from April 30)

• 1.3759 (swing low from May 2)

• 1.37497 (low for year from May 6, 2025)

• 1.3441（2023-2024年反弹的61.8%回撤位-未显示）

📉偏差：
看跌 below 1.3860.
Breaks of 1.3825 and 1.3781 increase downside momentum toward the 2025 low extreme zone.

对于旨在进一步延长此举的卖家来说，这些水平标志着关键的下行目标。除非买家能够收回突破的支撑位，否则势头有利于推动较低的区间。

On the upside, 1.3860 now becomes initial resistance, with a broader bearish risk zone up to 1.3891-1.3904. A move back above this range is needed to signal any meaningful shift in control.