• USD/CAD beginning to form a shallow bear run from the March 20 1.4005 top

• Initial support at Monday's 1.4289 low then 100DMA at 1.4265

• Daily momentum studies are neutral to marginally bearish

• A trend resistance line taken off the 1.4005 high comes in at 1.4360 today

• While above the 100DMA there remains an element of upside risk

• We lean slightly bullish but wait for stronger signals

• USD/CAD Trading Page
USD/CAD daily candle chart:

(Peter Stoneham is a Reuters market analyst. The views expressed are his own.)