USD/CAD is trading 1.0097, the lowest level since Apr 12 and on track to test layers of support in the 1.0070-85 region. The lower 21 day Bollinger band is at 1.0071, the 100-DMA is at 1.0076, and previous daily lows are noted at 1.0083. Initial resistance is noted on the hourly time frame at 1.0124 with an hourly close above needed to relieve the immediate bearish pressure, where as back above the 21-DMA (1.0186) is needed to shift focus back towards the Apr monthly highs.
