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In the last couple of months or so, the Canadian dollar has eased back through the significant level at 1 and then slowly moved its way back towards the strong support level at 0.99. For a couple of weeks, the Canadian dollar settled very comfortably on a support level just above 0.99 at 0.9920, however in early December, this level gave way and the Canadian dollar continued its decline. Since the middle of October, the Canadian dollar has been on a roller coaster ride moving back and forth between 0.99 and 1 and even though it made a strong attempt to push through 1 and stay there on several occasions, it was met with overwhelming supply which resulted in an eventual move back below.
Over the course of the last month, the Canadian dollar has attempted to climb and return to 1 however it has experienced significant resistance anywhere near 1 and the support at 0.99 has given way again too. It appears to be presently placing great pressure on the medium term support level around 0.9830 and it will be interesting to see whether it can return back to its September levels around 0.9700.
(Daily chart below)
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