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Canadian Dollar Technical Outlook
Friday, 21 November 2008 14:41:20 GMT  |  David Rodriguez, Quantitative Analyst
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11-19-08techs5

The US Dollar/Canadian Dollar has been nothing short of incredible, and the pair’s recent break of the key 61.8 percent Fibonacci retracement of the 1.3010-1.1460 move at 1.2420 has opened up a retest of previous multi-year highs near the 1.30 mark. The USD/CAD has thus far failed to break the 1.3000 level, but overall upward momentum suggests that continued gains are likely. The pair currently trades near a solid price floor at 1.2740, but a break below would likely target a move back towards previous congestion levels at the 1.2550 mark.

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