The U.S. Dollar has oscillated cleanly in a descending fashion against it's Canadian counterpart. Since March 9, USD/CAD has hit downward sloping resistance on four occasions. It now appears that the pair is trading about 200 pips south of resistance with potential to hit it once again. 1.1206 appears to be the sweet spot, where resistance crosses the 23.6% fib level of the March 9 high and the August 4 low. The stochastic oscillator also show that the pair has substantial momentum pushing it higher. A move to the 1.1206 level may come in the next three days. At this point, it could drop once again.
