STILL LOOKING TO BUY INTO DIPS
Usd/Cad: Still dropping and we are still looking for an opportunity to buy. Our in-house proprietary Speculative Sentiment Index however, continues to show room for the market to drop with an overwhelming 4:1 ratio of retail traders long the pair. Nevertheless, daily studies are severely oversold and the risk at some point in the very near-term is for a significant upside corrective bounce. The daily ATR comes projects a potential daily low today just ahead of 1.0650 and we will be waiting with an order to buy on approach to the mid-figure. STRATEGY: BUY @1.0660 FOR AN OPEN OBJECTIVE, STOP @1.0460. RECOMMENDATION TO BE REMOVED IF NOT TRIGGERED BY NY CLOSE (5PM ET) ON MONDAY.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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