No resistance as the commodity slump continues
The pair printed a doji star on the daily chart yesterday in what could have been a warning sign about a reversal.
Overnight the Australian and New Zealand dollars got lifts for domestic reasons yet CAD continues to languish.
USD/CAD tried the downside and started US trading flat but the buyers have stepped up and taken out Tuesday's high of 1.3622 and touched 1.3632.
I don't see any end in sight to the gains for this pair. The rally this week surpassed the 61.8% retracement of the 2002-2007 decline and that could mean gains up to 1.60.
