The Toronto session was uninspiring and not just for USDCAD. Tonight's Aussie budget news may give AUDUSD some legs if the tax and slash ideas are implemented. Other traders are awaiting Eurozone data to see if any of it help to confirm Draghi's hint of "action" in June. The Bank of Canada releases its quarterly review Tuesday afternoon which could give the loonie a lift if anticipated optimism materializes and the BoC governor refrains from his penchant to discuss rate cuts.
The intraday USDCAD technicals are bearish while trading below 1.0930, a level being guarded by resistance at 1.0915. A break above 1.0930 suggests that a short term bottom is in place in the 1.0805-20 zone, and would look for a retest of 1.1040. A move through the 1.0805-20 support area opens up a move to the 200 day moving average at 1.0712.