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Buy Usd/Cad @1.0420

Buy Usd/Cad @1.0420

2010-07-20 11:01:00
Joel Kruger, Technical Strategist
Share:
The latest impressive hold on a close basis above the 100-Day SMA down by 1.0300 was highly impressive and in our opinion solidified the prospects for significant upside. Indeed, the market managed to rally some 300 points over the past few days since bouncing out from the 100-Day, and we continue to see the risks for major upside ahead, with any dips to be used as a formidable opportunity to build on longs. Fundamentals are sure to heavily influence price action today with the Bank of Canada due up at 13:00GMT. However, while the RBC is likely to raise rates by 25bps, the market has already priced this in and the greater risk is to the downside with any signs of a moderation in policy to heavily weigh on CAD. As such, we will look to buy if given the chance on a dip to previous resistance turned support in the 1.0400 area, with the daily ATR (projected daily low) giving us a more precise entry point by 1.0420. STRATEGY: BUY @1.0420 FOR AN OPEN OBJECTIVE; STOP 1.0270. RECOMMENDATION TO BE REMOVED IF NOT TRIGGERED BY NY CLOSE (5PM ET) ON TUESDAY.

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