The CAD has been rallying in the bast couple of weeks
last week it finally broke the 1.3 level and stayed above it for to close off the week at 1.309
today started off with what looks like profit taking, but the market did not push the currency further down beyond the 1.3 mark, an indication that the market believes the loonie still has some steam on it
the upward trend looks to be a strong one, you can see a wide angle between the 9 period MA and 21 period MA
Next stop for the loonie is 1.32, if it breaks this level the next resistance level would be at 1.35
if the trend slows down and reverses, an important support will be 1.29 and the next support level is 1.264
last week it finally broke the 1.3 level and stayed above it for to close off the week at 1.309
today started off with what looks like profit taking, but the market did not push the currency further down beyond the 1.3 mark, an indication that the market believes the loonie still has some steam on it
the upward trend looks to be a strong one, you can see a wide angle between the 9 period MA and 21 period MA
Next stop for the loonie is 1.32, if it breaks this level the next resistance level would be at 1.35
if the trend slows down and reverses, an important support will be 1.29 and the next support level is 1.264