EUR/CAD Buy Recommendation Issued @1.5370


[B]Eur/Cad:[/B] The cross is back under pressure and looks like it is ready to retest the previous 2009 lows from early June by 1.5345. However, intraday studies are now looking quite stretched and any dips below 1.5400 and towards the 2009 lows should be very well supported, at least on Tuesday. Based on the current daily high, we project a potential daily low by 1.5365 and as such, will look for an opportunity to establish a counter-trend long on a dip to this level, in anticipation of a potential double bottom. The neckline for the premature double bottom would come in by 1.5775, with a break to trigger the pattern formation and open a more significant upside acceleration towards 1.6000. [B]Strategy: BUY @1.5370 FOR AN OPEN OBJECTIVE, STOP @1.5220. Recommendation to be removed if not triggered by NY close (5pm ET) on Tuesday. [/B]

[B]Written by Joel Kruger, Technical Currency Strategist for
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