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Riding the EURCAD Downtrend – May 12, 2010

Looking at the EURCAD’s daily chart, it appears that the pair is on a steady downtrend since December 2009. Traders always say that a “trend is your friend.” Given the pair’s present trend and the euro’s weakness, it is, therefore, wiser to just ride the current down-wave. Now, the pair could range for awhile somewhere between last week’s low of 1.3131 and 1.2900 since the stochastics are already at oversold territory. If, however, the pair busts below yesterday’s low of 1.28721, it could head straight for the 1.2700 handle. More...

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