USD/CAD: Rally Stalls at Trend Line Resistance
Prices pushed sharply higher having established a bottom just below parity to test resistance at a falling trend line established from August 2009. A pull-back from this juncture is now underway, with prices testing below the 38.2% Fibonacci retracement of the 04/21-05/06 rally at 1.0433. We do not see an actionable entry signal at present and will remain on the sidelines as positioning develops.
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