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USD/CAD – Very choppy conditions today after Wednesday’s new cycle low suggest some risk of a snap back in the USD at least in the next day or so (trading conditions will thin ahead of and during the UK/US long weekend). But there is still no major sign that the USD has based from a technical point of view and the broader structure of this market remains weak (from the USD’s perspective) as the market continues to slide away from the 200-day MA (1.1936 today). As such, bias remains bearish and look to sell rallies (look for a medium term technically-led drop to 1.0465). Intraday, the spot strong resistance at 1.1480/85 and selling against this level, with a stop in the low 1.15s makes sense at the moment. A clear move through 1.1480/85 will open up the topside a little more for a corrective USD bounce through to the upper 1.15s/low 1.16s.