Canadian Dollar: Good Long Trade

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Includes: FXA, FXB, FXC, FXE, FXF, FXY, UDN
by: Ralph Shell

The CAD has appreciated versus the USD to under 1.0890 and is touching the lower bull channel trend line. This is an area we want to be long. The crude market is a little easier today, but on the last trading day for the spot month, there can be increased volatility. Equities are higher, however, helping the CAD rally. There seems to be a shortage of news to propel this market today.

Protect longs acquired in the 1.08 area with stops in the vicinity of 1.0750. Sometimes it seems the loonie is merely a medium to trade something else...like crude and the S&P 500.

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