June Canada dollar futures a selling opportunity on more price weakness.
See on the daily bar chart for the June Canadian dollar futures, traded at the Chicago Mercantile Exchange, that prices are in a five-week-old downtrend and on Wednesday hit a fresh multi-month low. The bears have gained good downside near-term technical momentum to suggest more downside price pressure in the near term. A move below Wednesday’s low of .9823 would become a fresh selling opportunity in June Canada dollar futures. The downside price objective would be .9600, or below. Technical resistance, for which to place a protective buy stop just above, is located at .9925.
