The Canadian Dollar was the big winner during yesterday’s session with USD/CAD selling off 2 big figures. There was no major Canadian news, but commodity prices maintained their support and US inflation indicators were ahead of expectations although still in a deflationary state as compared to last year, when the highs were seen on commodity prices (Oil = $145+.) On the retracement below from the March highs @ ~1.30 to the June lows (1.0785) we see the pair really starting breaking down around the 4-100 hr moving average and then again through the 1.1450 - 1.1410 area where some support was noted. The pair continued lower and broke the 4-200 hr mavg and found some support @ the 23.6% level of the aforementioned move. Although the signs are now negative for the pair, a slight correction to perhaps the last region where the pair broke down could be in order.
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