June Canada dollar futures a selling opportunity on fresh price weakness.
See on the daily bar chart for the June Canadian dollar futures that prices have seen a short-covering bounce recently but a four-month-old downtrend line is still in place. Bears still have the overall near-term technical advantage. A move below chart support at Friday’s low of .9752 would provide the bears with some fresh downside technical momentum to then suggest the corrective bounce has run its course. And it would also become a fresh selling opportunity. The downside price objective would be .9550, or below. Technical resistance, for which to place a protective buy stop just above, is located at .9850.
