EUR/CAD Rallies to Fresh Yearly HighEuro / Canadian DollarFOREXCOM:EURCADFOREXcomEUR/CAD rallies to a fresh yearly high (1.6226) as it breaks out of the range bound price action from earlier this week, with the rise in the exchange rate pushing the Relative Strength Index (RSI) toward overbought territory. A close above 1.6220 (50% Fibonacci extension) may push EUR/CAD toward the June 2009 high (1.6326), and a move above 70 in the RSI is likely to be accompanied by a further advance in the exchange rate like the price action from earlier this year. At the same time, lack of momentum to close above 1.6220 (50% Fibonacci extension) may keep the RSI out of overbought territory but need a move below 1.6050 (38.2% Fibonacci extension) to bring 1.5950 (100% Fibonacci extension) on the radar. --- Written by David Song, Senior Strategist at FOREX.com