CADCHF Looking to Break LowsCADCHF shorts look good here. The market has been grinding lower from the May highs and has now broken below the rising trend line from 2020 lows. The retail market is more than 90% long the pair, suggesting plenty of room for the current breakdown to continue. While the BOC has been the most hawkish of the G10 central banks so far, lifting rates to 3.25% from record lows of 0.25%, its tightening cycle is now almost complete. The SNB, however, which only hiked rates for the first time since before the GFC, has room to tighten much more, suggesting ample room for CADCHF to deteriorate over the remainder of the year. Bears can look to play a break of the .7263 level targeting .7185 initially and .7093 thereafter.Keep An Eye OnThe drop in risk appetite over recent sessions is working nicely for CADCHF bears. Given CHF’s tendency to appreciate during times of risk aversion via increased safe-haven flows, the pair looks poised for more downside while the current market themes persist. With that in mind, look for a stronger US Dollar to weigh further on risk assets near-term putting more downward pressure on the pair.