USD/CAD Price Forecast: Descending 20-day EMA supports more downside

USD/CAD trades cautiously near 1.3580 with a bearish near-term bias as spot remains below the 20-day EMA (1.3698). The US dollar is under broad pressure after suspected Japanese yen intervention, leaving the DXY around 98.20 and close to a 10-day low near 98.00. Policy cues are in focus after the Fed left rates at 3.50%-3.75% (8-4 vote), while the Bank of Canada warned rates could rise, supporting the loonie. Technicals highlight resistance in a Fibonacci/EMA cluster from ~1.3667 to 1.3725; a sustained break above would relieve bearish tone. To the downside, failure to hold the 78.6% retracement at 1.3585 risks a slide to the March 9 low at 1.3525 and the swing low at 1.3482. Overall, market conditions favor further CAD strength unless USD recovers through the noted resistance band; upcoming Fed official comments are the next major catalyst.