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Loonie to Recover Today? – May 7, 2010

The USDCAD sprung back to life during the past several days as investors bought up the safer currencies like the dollar due to the ongoing debt turmoil in the euro zone. As you can see, the pair soared to as high as 1.0741 from 1.0297 before hitting some resistance at the downtrend line. The pair eventually closed at 1.0519. With an overbought condition, it could now fall back again, probably reaching somewhere around 1.0226 unless of course risk aversion takes its cue once again. More...

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