The Canadian Dollar is pressing higher as expected against its US counterpart. A break below support at 1.0970 marked by the 38.2% Fibonacci retracement on a daily closing basis targets the 50% Fib at 1.0892. Alternatively, a reversal above the 23.6% retracement at 1.1067 aims for the
Entering short seems premature until a break of support is confirmed on a daily closing basis. On the other hand, attempting to pick a bottom and taking a trade on the long side lacks any meaningful evidence in technical positioning thus far. We will remain on the sidelines for now.