Loonie set up for a break higher on Friday as it closed the week on the highest level since 2004. It followed through today as it rose about 80 pips from the open, to 1.3175 at the high of the day. Canadian GDP came out at -0.2% last week and renewed selling in oil are not helping the pair.

The rally ran out of steam near Weekly Resistance 1 (~1.3170). 1.3190 - 1.3200 (Daily Resistance 2, 00's) band is the next one with more around 1.3250 (August 31th 2004 high, Weekly Resistance 2, 50's). Support shall start coming in between 1.31 and the broken 2009 high near 1.3060.

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