On 8/4/09 the Canadian dollar (basis Sept) peaked at 94.08. On 8/17/09 the market bottomed at 89.87. The market has fallen into a trading range scenario with an upward bias.
There is major support around 90.00. On 8/31/09 the market tested this support as it reached 90.13. It is possible for the market to test this area again. If it doesn't hold this area, 89.50 to 89.00 would be the next support level.
There is major resistance in the 91.50 to 92.00 area. As the C$ is a commodity driven currency, it could be kept in a trading range until crude and grains finally breakout of their respective trading ranges.
There is major support around 90.00. On 8/31/09 the market tested this support as it reached 90.13. It is possible for the market to test this area again. If it doesn't hold this area, 89.50 to 89.00 would be the next support level.
There is major resistance in the 91.50 to 92.00 area. As the C$ is a commodity driven currency, it could be kept in a trading range until crude and grains finally breakout of their respective trading ranges.
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