USD/CAD - Stops Under 1.0066/33 Make a Re-test of 1.0050 Likely

By: MIG Bank | Fri, Jul 27, 2012
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USD/CAD weakened considerably following the failure to break over 1.0250 earlier in the week. Given the extent of the fall since Wednesday and the large number of stops clustered under 1.0066/63, we see a good chance of further weakness to test our strategy entry price at 1.0050.

With this in mind, we remain patient focusing on good trade location in what is largely a large trading range in the daily time frame.

A push back under the 0.9800 level is required to neutralise our medium-term bullish bias.

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MIG Bank

Author: MIG Bank

MIG Bank

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Source: The Contrarian Take http://blogs.forbes.com/michaelpollaro/
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