Wednesday August 4, 2004 - 08:16:27 GMT
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Saxo Bank - www.saxobank.com
Sell USD/CAD a bit higher for another try at 1.3050
4 August, 08:15 GMT - USD/CAD: 1.3202
USD/CAD looks set to decline after failing to make new highs above 1.3370 and dramatically reversing on the poor news from the US on Tuesday. The risk/reward setup is very clear, and USD/CAD appears set to challenge the 1.3050 base and possibly beyond.
Sell USD/CAD at 1.3225 with a stoploss at 1.3290 and a target of 1.3060.
John J. Hardy
Saxo Bank Market Strategies
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