The Canadian dollar has stabilized against the Japanese yen over the last couple of weeks, essentially going nowhere. If thecan break above the highs of the last week, it’s very likely that the Canadian dollar will drive toward the ¥108 level. On the other hand, if we do pull back from here, I suspect that there is going to be a significant amount of support near the ¥102 level.If crude oil starts to recover again, this could be one of the best FX-related plays out there.
After all, we need to understand that the market has been a bit overdone for a while, so I think we are simply working off the froth right now.shot higher last week, showing signs of life again. However, this is the one standout against the US dollar that I see right now, so I don’t necessarily trust this rally. The 0.7 to a level above should offer a bit of resistance, so
I would be cautious about going long of the Australian dollar here. It’s probably more likely than not going to see some negativity, maybe later in the week.tried to rally significantly but found the 1.04 level a bit too much to get beyond. Because of this, it looks like we will continue to see a “fade the rally” type of market in the euro which is not a huge surprise considering all of the economic danger that the EU currently faces.
If we see any signs of strength this coming week, I will be looking for the first signs of exhaustion to start shorting.
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