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Remain Short AUDCAD
Written by article default Monday, 11 October 2010 08:22
The AUDCAD has extended Friday’s losses to reach an intraday low of 0.99365. Indeed, the pair reached parity for the first time since 2004 two weeks ago, and has since then tested that level approximately four times. Looking ahead, downside risks remain as the pair looks to recover from overbought territory, while the MACD crossed over to the downside, signaling for losses in the upcoming days. Today, we may see a lackluster performance in the currency markets as Canada’s market is closed in observance of Thanksgiving Day, while some U.S. traders are offline due to the Columbus Day holiday. All in all, I will remain short, with a stop at 1.015, and an open target for the time being.Click here to learn more about DailyFX.