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DailyFX Home / Analyst Picks / Ilya Spivak

AUDCAD: Short Trade Triggered on Support Break

By , Currency Strategist
23 February 2012 11:01 GMT

I initially sold AUDCAD at 1.0619. Prices are testing above my stop-loss at 1.0664 but I will continue holding the position absent a daily close above that level. If the trade is stopped out, I will look for new selling opportunities in the days ahead to re-establish exposure to the longer-term trend of slowing Chinese economic growth versus improving performance in the US.

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23 February 2012 11:01 GMT