USD/CAD

This daily chart shows a series of lower highs and lower lows from March up until today's trading. The current range is between the 1.0750 area on the upside and the 1.0400 area on the downside. Some of the other pairs we have been following may be offering better trading opportunities right now, but traders should keep an eye on this pair for a potential move down through 1.0400. That should open the door to more selling on this pair and a potential run down to the low in the 1.0200 area.

I would continue to look for selling opportunities as long as this pair remains below that 1.0750 resistance level. A further move up through the 1.0867 level would result in a reevaluation of the current downtrend. However, a move down through the 1.0400 support area might mean further selling and a test of the 1.0200 area low.