Overview:: 
USD/CAD is trading in a lower range. It is undermined by loonie demand in soft AUD/CAD, NZD/CAD and GBP/CAD crosses. But USD/CAD losses are tempered by loonie sales in weak CAD/JPY cross amid increased investor risk aversion; soft oil prices (Nymex crude settled $1.07 lower Wednesday at $97.44/bbl); Bank of Canada's dovish outlook on inflation. 

Technical comment:
Daily chart is negative-biased as stochastics is falling from overbought zone; MACD staged bearish crossover against its exponential moving average.

 Trading recommendation: 

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. A short position is recommended with the first target at 1.0555 in view; a breach of this target will move the pair further downwards to 1.053. The pivot point stands at 1.063. In case the price moves in the opposite direction, bounces back from support, and moves above its pivot point, the price is most favorably expected to move further to the upside. In that scenario a long position is recommended with the first target at 1.062 and the second target at 1.0645.   

Resistance levels:  
1.062
1.0645
1.0575
Support levels:  
1.0555
1.053
1.0505