Canadian Dollar Sinks in FX Trading
October 10, 2008
Loonie down in currency trading on the FX marketAmidst all the economic turmoil and the financial market meltdown, the U.S. dollar is seeing a resurgence in forex trading. The loonie is especially hard hit in currency trading on the FX market.
Right now, as commodities waver in the financial market, and as investors head to the dollar as a safe haven, the Canadian dollar is sinking in FX trading. Action Forex reports on where the USD/CAD rally is headed:
USD/CAD’s strong rally is still in progress and reaches as high as 1.1647 so far. At this point, intraday bias remains on the upside as long as 1.1416 minor support holds. Next upside target is key medium term resistance at 1.1874 (38.2% retracement of 1.6196 to 0.9056 at 1.1783).
See Also
- Canadian Dollar in FX Trading
Currency trading on the FX market
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