WANT TO BE INVOLVED BUT NOT LOOKING TO FORCE IT
Usd/Cad: We have not abandoned our hopes of trying to get into this trade and will once again look to establish a long today on yet another dip. The downside pressure has been relentless with the market seemingly ignoring any oversold technical indicators in effort to see just how low we can go. We do however anticipate a major upside break in the near-term and at this point it is only a question of timing. As such, while we run the risk of potentially missing the move, we will continue to place our entry at lower levels using daily ATR analysis. Today, the projected low comes in by 1.0715 and we will look to get involved just ahead. STRATEGY: BUY @1.0720 FOR AN OPEN OBJECTIVE, STOP @1.0470. RECOMMENDATION TO BE REMOVED IF NOT TRIGGERED BY NY CLOSE ON FRIDAY.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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