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The pair is attempting to attract buyers, but spot prices remain close to a yearly low and appear vulnerable to further decline.
The Canadian dollar is supported by reports of a possible trade agreement between the U.S. and Canada ahead of the G7 summit scheduled for June 15. This factor is seen as a constraint on the upside for the USD/CAD pair. However, ahead of the release of key monthly employment data from both the U.S. and Canada, which is due later today, increasing demand for the U.S. dollar is helping to limit the pair's decline.
From a technical standpoint, a second consecutive daily close below the round 1.3700 level, along with negative oscillators on the daily chart, confirms the bearish outlook. Consequently, further weakness below the 1.3630 area toward the round 1.3600 level appears likely. Beyond that, the pair could fall toward the psychological level of 1.3500.
On the other hand, any recovery attempt will encounter resistance around the 1.3700 level. The next significant resistance is seen around 1.3735. If this level is breached, it could trigger a short-covering rally, lifting the USD/CAD pair toward an intermediate hurdle at 1.3775. The momentum could then extend higher toward the round 1.3800 level.
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