With momentum turning higher (5 day moving average crossing above the 40 day moving average), the long term trend higher (200 day moving average sloping up) and a bullish Elliott Wave structure we open a long USD-CAD position at 1.0030 in medium size. Our initial medium-term target is 1.0600. Fixed stop traders should set an initial stop-loss at 0.9795. We use that initial stop and the 5 and 40 day moving average cross as a moving stop-loss / take-profit.
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Global Research