USDCAD .618 Fib or Bust

19 Jul
2012
by in Uncategorized

The USDCAD has slowly been strengthening throughout the week.  The pair has a few things in its favor.  The Canadian government is raising interest rates and oil has been jumping higher.  These two factors  should lead to a stronger Loonie.  The next level of support is at the .618 fib at 1.0050.  I would expect any pullback towards the 50 Fib at 1.0123 to find willing sellers.

Sup             1.0050

Res              1.0123

Plan:  A pullback could be buying opportunities.