USDCAD retreats from yesterday’s three-week high

Fri, Nov 21 2008, 15:48 GMT
http://www.fxstreet.com

FXstreet.com (Barcelona) – The USD retreated today from yesterday’s three-week high, although, according to the ActionForex Technical team, the bias remain on the upside: “USD/CAD retreats mildly after extending rally to as high as 1.2984, just inch below 1.3015 high. At this point, though, intraday bias remains on the upside as long as 1.2545 minor support holds..”

The most likely scenarios, according to the ActionForex.com, are the followiing: “Firm break of 1.3015 will confirm that medium term up trend has resumed and should target 61.8% projection of 1.0297 to 1.3015 from 1.1464 at 1.3144 next. On the downside, below 1.2545 will turn intraday outlook neutral first but short term outlook will remain bullish as long as 1.2098 support holds.”

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