Canadian Dollar Cross Pick 05.17.10
Following up with the USD/CAD recommendation from earlier this month, I have yet to establish the long position from the 5/4 high at 1.0255, and I will certainly look to buy in on another pull back as the pair maintains the rebound from the yearly low at 0.9929. As the recent rally stalls out ahead of the 200-Day SMA at 1.0508, I expect to see a move to the downside this week, but we are likely to see the exchange rate push higher as it continues to mark higher lows. As a result, I will continue to target the 200-Day SMA at 1.0508, and have placed the stop at 1.0158, the 50-Day SMA.
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