Usd/Cad Buy Recommendation Issued @1.0960

LOOKING TO BUY AFTER STOPS CLEARED BELOW PSYCHOLOGICAL BARRIERS

Usd/Cad: We are sticking to Monday’s recommendation and will once again look to buy the pair on a dip today below 1.1000. This time however, we have moved our buy entry lower by a bit with the daily ATR projecting a potential daily low by 1.0960. The 78.6% fib retracement off of the major 1.0785-1.1725 move comes in just above at 1.0985 and we like the idea of establishing longs after stops have been cleared below 1.1000, in anticipation of a major upswing. We do not see a retest of the 2009 lows by 1.0785 at this point and instead look for a higher low to carve out in the 1.0900’s ahead of an eventual break back above 1.1725 and towards 1.2000. The daily RSI is also approaching the oversold 30 level, with a test by 1.0960 today to likely coincide with an oversold reading. Strategy: BUY @1.0960 FOR AN OPEN OBJECTIVE, STOP @1.0760. RECOMMENDATION TO BE REMOVED IF NOT TRIGGERED BY NY CLOSE (5pm ET) ON TUESDAY.

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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