15th Aug - USD/CAD Pullback Holds Above 38.2%
15 August 2013
WEEKLY CHART:
The 76.4% retracement area was breached earlier, together with the 1.0446 Jun-12 high. But so far the market has shied away from challenging the 1.0657 Oct-11 high.
DAILY CHART:
The recent pullback found good support from the 1.0235 38.2% retracement, with subsequent rebound resisted around the old 1.0446 Jun-12 high area.
A breach of the support would tempt some bulls to sideline, and note the slightly lower channel base projection near 1.0220 which offers backup support. Breach of this would signal that a longer correction phase was in prospect.
Next story:
16th August - Another temporary QE fright 
Previous story:
15th Aug - Silver Recovering Off Long Term 76.4% Level