LOOKING TO BUY A DIP TO KEY MULTI-WEEK RANGE LOWS
Techs – Usd/Cad: The pair is still showing very stretched and is in need of a healthy corrective bounce. Our trade from Friday has once again stopped at cost for no loss and we look to take advantage of yet another dip to fresh 2009 lows on Wednesday. The key level to watch below comes in by 1.1465 which represents the 5Nov range lows. We continue to favor being long of the pair on dips below 1.2000 and with the market showing the potential for a test of the multi-week range lows today, we will look to take advantage. BUY @1.1470 FOR A 1.1820 OBJECTIVE, STOP @1.1295. Stops to be trailed to cost on a break back above 1.1570. Recommendation to be removed if not triggered by NY close (5pm ET) on Wednesday.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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