June Canada dollar (D6M26) futures present a buying opportunity on more price strength.

See on the daily bar chart for the June Canadian dollar futures that prices are trending up and last week hit a four-week high. See, too that the moving average convergence divergence (MACD) indicator is also in a bullish mode as the blue MACD line is above the red trigger line and both lines are trending up. The bulls have the near-term technical advantage.

Fundamentally, Canada’s strong energy export, amid higher energy prices, has boosted its economy, while higher gasoline prices in the U.S. may be dampening the U.S. economy.

A move in the June Canadian dollar above chart resistance at last week’s high of .7344 would become a buying opportunity. The upside price objective would be .7450 or above. Technical support, for which to place a protective sell stop just below, is located at .7300.

IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any trades and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission (CFTC) has said about futures trading (and I agree 100%): 

Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.