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LONG USD/CAD @0.9845

LONG USD/CAD @0.9845

2011-02-04 13:47:00
Joel Kruger, Technical Strategist

Canadian Dollar has been outperforming today on the back of some solid employment data . But we wouldn't look passed the rise in the unemployment rate and broader macro flows which are starting to favor the USD. Technically the drop lower leaves the market overextended intraday and in a good position for a playable counter-trend long off of a well defined longer-term base. We also see risk for a pullback in oil prices and equities which should also weigh on the Loonie. POSITION: LONG @0.9845 FOR AN OPEN OBJECTIVE; STOP 0.9745.

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