Dollar Turns Versus CAN$

10/07/2008 4:26 pm EST

Focus: FOREX

Thomas Aspray

, Professional Trader & Analyst

chart

After dropping well below parity in Nov. 2007, the US dollar bounced back quickly before the end of the year. In August, the dollar broke its long-term downtrend and was sharply higher today. Now that the resistance at 1.10 has been overcome, the next-long term resistance is in the 1.20 area.