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CANADIAN DOLLAR – (June) Daily
Near Term Trend: Positive Wednesday’s Close: 1.0118 (- 5) UPDATE: We stated, on April 19, “Based on the break below the blue line, traders should be thinking about getting short - lower opening the following Monday (April 23), I will chase it”. The market opened at .9920, and we went short. We lowered our stop last week to .9874, and booked a small profit as the market jumped higher. Based on the breakout above the downtrend line, the market should be able to remain buoyant for some time, as a longer term support base appears solid. However, short term it’s a bit over- extended. A dip to 1.0070 would be an optimal place to go long.
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