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Canadian Dollar Cross Pick 05.10.10

Canadian Dollar Cross Pick 05.10.10

2010-05-10 12:57:00
David Song, Currency Strategist
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The USD/CAD pared the advance from the previous week and slipped back below the 10-Day SMA (1.0229) reach a low of 1.0209 during the overnight trade, and the exchange rate may continue to push lower over the short-term as the daily RSI falls back from overbought territory. However, if the dollar-loonie finds near-term support around the April high at 1.0214, I will look to go long at 5/4 high (1.0255), and will target the 200-Day SMA at 1.0508, with the stop at 1.0158, the 50-Day SMA.

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