USD/CAD Technical Analysis Aug 1, 2011

The USD/CAD spike during the Friday session, and ran all the way up to the 0.96 area, a place that we suggested could turn out to be resistance. The pair did fall from there, but only in later trading. With the oil markets falling, the CAD suffered. The pair looks like it could have a little more in that tank for a move up, but ultimately is a bearish pair, so we will look to sell rallies.

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