Canadian Dollar Drops From 13-Month High as Gauge Says Overdone
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Canada’s dollar dropped from a 13-month high versus its U.S. counterpart as technical measures indicated the currency rally is approaching levels that traders say suggest it may be overdone.
The 14-day relative strength index for the Canadian dollar versus the U.S. dollar was 66.8, after touching 72.1 yesterday. A reading above 70 indicates an asset may have rallied too far, too quickly and may be due for a retracement.