September Canada dollar futures a selling opportunity on fresh price weakness.
See on the daily bar chart for the September Canadian dollar futures that prices have seen a good corrective bounce recently, but a downtrend line remains in place. So far, this corrective bounce is just normal short covering in a bear market. A move below chart support at Monday’s low of .9570 would provide the bears with some fresh downside near-term technical momentum and it would also become a selling opportunity. The downside price objective would be .9300, or below. Technical resistance, for which to place a protective buy stop just above, is located at last week’s high of .9669.
