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USDCAD suggests a multi-month low is in play
Following poor jobs data from Canada and USDCAD's most single bullish close in over 4-months, it suggests the tide may be about to turn. We highlighted the COTS positioning, and made the argument for a 'sentiment extreme' which if correct, meant too many traders were on the same side of the market and a reversal was on the cards. The Week closed with a Morning Star pattern, a 3-week bullish reversal, to confirm the 2012 trendline remains intact and suggest a multi-month low has been formed. Of course any break below the trendline could be taken as a bearish signal, for now at least it appears set for continued gains ... (full story)
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- Jul 14, 2014 1:56am Jul 14, 2014 1:56am
- greendiesel
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- Jul 14, 2014 3:09am Jul 14, 2014 3:09am
- palabara
- Joined Jan 2005 | Status: ~ Noblesse Oblige ~ | 79 Comments
There are those who know, and there are those who don't know.
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- Jul 14, 2014 4:12am Jul 14, 2014 4:12am
- Imaywin
- | Joined May 2014 | Status: Member | 42 Comments