The Canadian dollar (CAD) continues to hint at a potential top, based on the 2-month bearish reversal completed at the end of September. That led to a month’s worth of activity during October when the CAD posted an inside range (monthly highs and lows were within the previous month’s range), a consolidation pattern on its monthly chart. Initial support is at the September low of 0.7451 with resistance the September high of 0.76949. If a major (long-term) downtrend is eventually confirmed the downside range is between 0.73595 and 0.71524. We should also note monthly stochastics have not established a bearish crossover above 80%, leaving the door open for a rally.