LOOKING TO BUY ONCE STOPS CLEARED BELOW 2009 LOWS
USD/CAD: Despite the exit on Friday for a 30 point loss, we are not abandoning the idea of looking to get long the pair with the market oversold on the daily chart and in need of a healthy corrective bounce. However, at this point it is more likely that the 2009 lows by 1.0785 will be taken out before any significant upside reversal can be achieved. As such, we will await the break of 1.0785 and look for an intraday oversold reading before re-entering the trade. STRATEGY: BUY @1.0740 FOR AN OPEN OBJECTIVE, STOP @1.0490. 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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