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Currencies: Technical Strategies
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USD/CAD − Have We Seen a Top?
Tue, Aug 5 2008, 14:31 GMT
by Andrei Pehar
The Loonie has been moving quite strongly lately as the Canadian Dollar continues to lose value against a US Dollar which has, for now, found some footing thanks to cooling oil prices. But a pullback today has everyone wondering if we've seen a top for this pair.
For now, perhaps - but longer-term there may be still room left to go.
We encountered resistance at the 127% Fibonacci extension at 1.0457, then bounced down to test 1.0411 - also another Fib level.
Overall, since the present move up began at a 61.8% retracement, we might (eventually) see it go as high as the 161.8% extension, or 1.0631 - however not before some cooling, which may bring us down to test support at 1.0321, or if that breaks then 1.0203.
On the climb back up, we might encounter resistance at 1.0457 again, and likely 1.0513.
Published on Tue, Aug 5 2008, 15:00 GMT
Archive
- An Interesting Chart- The USD/CAD Weekly
Published On Fri, Oct 30 2009, 22:25 GMT - Next Levels to Watch on the EUR/USD
Published On Thu, Sep 24 2009, 01:22 GMT - Key Level to Watch for the Yen
Published On Mon, Mar 16 2009, 20:04 GMT - How Much Further Can the Pound Fall?
Published On Tue, Jan 13 2009, 13:33 GMT - Has the Aussie Found Bottom?
Published On Wed, Oct 22 2008, 20:29 GMT
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