After plummeting for three straight trading days, bearish price action on USD/CAD, a daily chart of which is shown, appears to be taking somewhat of a breather as of Thursday (7/16/2009). The current fall was initiated after price retraced up to around a key 38.2% Fibonacci retracement level. For more technical analysis on this currency pair, please click here for Thursday’s (7/16/2009) Chart of the Day.
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