• Tighter ranges and longer lower candle shadows take their toll on the trend

• USD/CAD remains clear below the 10 and 200-day moving averages

• The 10-DMA crossed below the 200-day line on April 10: bear signal

• Fourteen day momentum negative but not confirming latest price drop

• Daily relative strength index bumping along sideways close to over sold

• Risk of rebounds back to the 10-DMA line, currently 1.3897

• While below 1.4015 200-DMA trend remains skewed to the downside
USD/CAD daily candle chart:

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