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Forex Trading: USDCAD Testing Retracement Resistance

Posted by Greg Michalowski on Mon, 06/30/2008 - 5:04pm in

 

The USDCAD is testing the retracement level of 1.0216.  This is the 61.8% retracement level of the move down from the June 10th high of 1.0321 to the low on June 27th at 1.0047.  A break higher would target in the intermediate term, the June 10th high of 1.0321.  On the downside a break below 1.0170 would turn the market to neutral.

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