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Canadian Dollar Through 1.0800 Canadian Dollar Through 1.0800
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Old 08-16-2007, 10:10 AM
DailyFx's Avatar
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Join Date: Jan 2007
Posts: 10,134
Default Canadian Dollar Through 1.0800
Commentary: The USDCAD continues to work higher in an impulsive manner, proving our thesis that a significant bottom is in place at 1.0340 correct. We are looking for this rally to challenge 1.1043 (161.8% extension of 1.0340-1.0699/1.0462) before any sizeable retracement occurs. Near term, a correction to 1.0726 offers an opportunity to align with the bull trend. We are showing the 15 minute chart this morning.

Strategy: If already bullish then remain so, against 1.0641, target 1.0821 hit , target 2 at 1.1043. Those on the sidelines can look to align with the bull trend at 1.0726
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