USD/CAD is firing on all cylinders today as commodities continue their recession-driven swoon and one of Canada’s largest corporations, Nortel Networks, filing for bankruptcy. Back in the dotcom days, Nortel accounted for something like 70% of the market capitalization of the Toronto Stock exchange.
Resistance lies above the market at the 1.2513 level, where their is a daily high from December 12. The 61.8% retracement of the 1.3007/1.1760 decline comes in at 1.2534.
