USD/CAD Technical Analysis for May 12, 2011

The USD/CAD fell on Wednesday, and then rose. All of this is predicated on the wild ride oil had as the US announced it had plenty in storage. The 0.97 level is still major resistance, and will have to be broken in order for us to even remotely consider buying the pair at this point. In the meantime, we will be selling the rallies.

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