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Euro Cross Pick 03.20.2012

Euro Cross Pick 03.20.2012

David Song, Strategist

We’ve been watching the EURCAD with a keen eye as it appears to have carved out a double bottom in March, and the technical outlook instills a bullish forecast for the pair as the major reversal pattern takes shape. However, as the euro-loonie maintains the range-bound price action from earlier this month, I would like to see a break and close above 1.3200 to favor a long trade, and the pair certainly has lots of room to the upside as it maintains the broad upward trending channel from back in 2010.

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