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PostPosted: April 24th, 2012, 2:15 pm 
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Joined: February 20th, 2012, 2:57 pm
Posts: 42
Halo

This week’s release of Canadian inflation and retail sales data could herald a significant change in the pattern of the Sterling - Canadian Dollar exchange rate. Having been in an accelerated downward trend since early November, as you can see from the chart above, this pair is trapped below C$ 1.5750 and perhaps a little lower than that where this exchange rate meets a 60 day moving average line and the 38% Fibonacci retracement level. A break of C$ 1.5750 gives us the chance of a rally to C$1.5810 and perhaps a full breakout taking us to C$ 1.59. That would tie in with the highest levels seen in the February rally. The flipside of this is that, if we see further positive US Data and perhaps higher commodity prices, and especially if the UK budget disappoints, there is a chance the loonie (as the Canadian Dollar is affectionately known) will strengthen markedly against the Pound. If this happens, the target is initially C$ 1.54 and perhaps we ought to look at longer term graphs to see the support line that stopped the rot in January and July 2011 at C$ 1.5250


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