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Canadian Dollar Finds Support from Broader Trends
Written by article default Friday, 05 November 2010 10:06
The CAD/JPY breaking above a seven month descending trend line has me looking to take a long position. Fed stimulus and strong US labor data has added to prevailing risk appetite. However, a weak manufacturing and labor data from Canada will dim the outlook for interest rates which subtracts from the bullish “loonie” case. Nevertheless, I see upside potential to 84.00-9/17 high and am taking a long position with a stop at 80.00Click here to learn more about DailyFX.