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Canadian Dollar May Rally Further versus US Dollar

Canadian Dollar May Rally Further versus US Dollar

2012-06-21 11:18:00
David Rodriguez, Head of Product
Share:
ssi_usd-cad_body_Picture_8.png, Canadian Dollar May Rally Further versus US Dollar

Forex retail trading crowds are effectively neutral the US Dollar (ticker: USDOLLAR) against the Canadian Dollar, giving us little reason to expect major rallies or weakness through short-term trading. The broader USD downtrend through the month of June suggests the pair could trade to fresh lows, but we see little compelling reason for a fresh bearish position.

The beginning and end of the month will often bring turns in price, and indeed we may look to July as a potential turning point for the US Dollar.

How do we interpret and trade with the SSI? Watch an FXCM Expo Presentation that explains the SSI.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

To receive the SSI via e-mail and other reports from author David Rodríguez, e-mail subject line “Distribution List” to drodriguez@dailyfx.com; Contact David via Twitter at http://www.twitter.com/DRodriguezFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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