USD CAD Plunges Through Major 50% Level

The USD CAD is weakening further this morning as it plunges through a major 50% level.

The USD CAD is weakening further this morning as it plunges through a major 50% level at 1.1059.  This price represents 50% of the entire range of the November 2007 bottom at .9055 to the March 2009 top at 1.3062.

Now that this pair has entered the retracement zone, 1.1059 is new resistance with the next downside target at 1.0586.  Additional resistance is on a steep weekly downtrending angle at 1.1302.

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