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USD/CAD Inching Down
- 1H: The USD/CAD is indeed declining after yesterday’s trigger, but in a very laborious manner. (Refer to Daily Technical Update 11.10.2009 USD/CAD and Daily Video Technical Update 11.10.2009).
- There may be a correction today as the stochastic looks to emerge from oversold readings. Our target at 1.0220 is still viable, with some anticipated snag at the 1.0360 area.
- Aggressive action would be to scale down due to change of momentum, and stalk any correction rally, which may be developing this morning.
- Otherwise, we don’t have any other signals to invalidate the outlook, but we don’t have signals to further confirm neither.
Fan Yang
Currency Analyst,
Commodity Trading Advisor