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Buy Eur/Cad @1.2915

Buy Eur/Cad @1.2915

2010-07-12 11:16:00
Joel Kruger, Technical Strategist
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We contend that the market has now carved out a major base after matching the multi-year lows down by 1.2450 a few weeks back. The ensuing upside reversal has been quite sharp, with the rally easily extending beyond 1.3000 before finally stalling out just ahead of psychological barriers at 1.3500. Markets are often quite choppy and volatile when in the process of carving out major bases, and as such, we will look to take advantage of the most recent pullback, in anticipation of a bullish resumption back towards and eventually through 1.3500. It is worth noting that the 20-Day SMA has crossed the 50-Day SMA for the first time since December 2009, and we view this development as highly constructive. As such, we will look to take advantage of any dips back towards the 50-Day SMA, which currently offers itself as support, to establish a fresh long position. STRATEGY: BUY @1.2915 FOR AN OPEN OBJECTIVE; STOP 1.2775. RECOMMENDATION TO BE REMOVED IF NOT TRIGGERED BY NY CLOSE (5PM ET) ON MONDAY.

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