Weekly price action formed a bearish ‘gravestone’ doji last week – which largely does what it says on the tin in terms of implications.

Net CAD losses through trend support so far this week add to the negative tone of short-term price trends.

Near-term losses may extend to the upper 106s to retest the ceiling of the channel that held price action through Q3. 

Resistance is 109.00 and (strong) at 111.15 (last week’s high).