The USD/CAD has been weak since printing a high on March 9th. This is easier to see on the 4-hour chart which is posted below.
I see this current bounce up as another selling opportunity. I also post this potential trade to bring in the SSI report from DailyFX. The Speculative Sentiment Index is a contrarian indicator which notes that we should look for continued weakness. But as traders, we should still be looking for confirmation before selling. A move down through the previous low is about as good as it gets as confirmation of continued weakness and is where many traders enter into a sell. Protective stops should be placed above resistance with target to take profits set at twice that risk.
