The US Dollar may be carving out a double bottom above the 1.08 figure in preparation for a turn higher against its Canadian namesake. Near-term resistance is in the 1.0923-41 area, marked by the 23.6% Fibonacci retracement and the
Risk/reward considerations argue against entering long with prices sitting squarely at resistance. On the other hand, taking up the short side seems premature absent a defined bearish reversal signal. We will remain flat for now.