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Canadian Dollar Cross Pick 03.22.10

Canadian Dollar Cross Pick 03.22.10

2010-03-22 13:15:00
David Song, Currency Strategist
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Keeping up with the short USDCAD trade following the Canadian CPI report, the second position from 1.0116 got closed out after moving down the stop to cost, and it seems as though we’re seeing a short-term correction following the sharp decline from earlier this month. However, as the overnight advance appears to be stalled out ahead of the 1.0250, which was former support, the exchange rate may fall back over the week as it maintains the down trend from the January high (1.0779). As a result, I will stay flat against the pair and will look for additional confirmation before entering a new trade.

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