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Thursday, August 16, 2012

$USDCAD

$USDCAD was higher overnight as it extends Wednesday's rally above the 87% retracement level of the April-June decline crossing at 100.91. 

Stochastics and the RSI are overbought but remain neutral to bullish signaling that additional short-term gains are possible. 

If September extends the rally off June's low, April's high crossing at 101.68 is the next upside target. Closes below the 20-day moving average crossing at 99.75 are needed to confirm that a short-term top has been posted. 

First resistance is the overnight high crossing at 101.12. 
Second resistance is April's high crossing at 101.68. 

First support is the 10-day moving average crossing at 100.57. 
Second support is the 20-day moving average crossing at 99.75.