ANY DIPS FROM HERE SHOULD BE VERY WELL SUPPORTED; BUY @1.5750
Techs – Eur/Cad: While there is still room for some additional weakness, potentially back to the 1.5700 area, we do not expect to see setbacks extend much further with the broader structure still showing mildly constructive. As such, we recommend looking to establish long positions on dips towards 1.5500 over the coming session in anticipation of a more significant rally back towards 1.6500. Daily studies are approaching oversold which helps to reaffirm near-term basing prospects. Strategy: BUY @1.5750 FOR A 1.6180 OBJECTIVE, STOP @1.5540. [I][B]Stops to be trailed to cost on a break back above 1.5800. If trade triggers and 1.5800 not broken, position to be closed out at NY close (5pm NY time) on Tuesday. Recommendation to be removed if not triggered by NY close on Tuesday.
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Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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