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Forex Trading: USDCAD breaks to new highs

Posted by Greg Michalowski on Tue, 07/01/2008 - 11:56am in

As outlined in a post yesterday, the USDCAD had retracement resistance at the 1.0216 level.  This is the 61.8% retracement level of the last move down in the USDCAD starting on June 10th.  To review the chart click here. 

The pair tested the 100 hour MA last night at 1.0136 (low 1.0141) and moved its way higher. It has broken above the 61.8% level now and reached a high of 1.0237.  Below the 1.0210 to 1.0216 level will be watched as a stop level for the intraday bullls. 

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