Canadian dollar fails to hold above 1.40 marks, intraday bias remains bearish

• Pair is well supported below 1.40 marks and currently trading at 1.3878 levels.
   
• A break of 1.4001marks is required to confirm to bullish trend.
   
• Alternatively, current downfall will drag the parity below 1.3639 levels and 1.3523 levels thereafter.
   
• Initial resistance levels are seen at 1.3987, 1.4057 and 1.4197 levels.
   
• On the other side, support levels are seen at 1.3777, 1.3639 and 1.3567 levels.

We prefer to take short position in USD/CAD around 1.3870, stop loss 1.4001 and target 1.3567 levels.