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Friday, September 30, 2011

I'm officially "crazy"...(or should I say loonie)...

Yahoo...I'm officially crazy...the USD/CAD reached its IH&S 1.05 target today...see my blog posts on September 22nd: http://strawberryblondesmarketsummary.blogspot.com/2011/09/usdcadcall-me-crazy-part-ii.html     AND   June 16th: http://strawberryblondesmarketsummary.blogspot.com/2011/06/usdcad1015-eh105-ehcall-me-crazy.html


Its next major level of resistance is in the vicinity of 1.10 (a level last seen in September 2009) as shown on the Quarterly chart below.


Just for fun, here is what the Yearly chart looks like so far...with 3/4 of 2011 gone now, the current candle has nearly formed a bullish engulfing to last year's open.

The $1 million question is, "Will the US $ see 1.30-1.35 again?"...which is the next major resistance area on this timeframe.