June 15, 2009
September Canadian dollar – All commodity sensitive currencies were under pressure on Monday and the Canadian dollar was no exception. The market dropped over 100 points, as most commodities gave back gains from recent rallies. Tuesday’s projected reversal date could tell us if this is a significant top or just a setback before the upward trend resumes.
September Japanese yen – The Yen continues to trade in a tight trading range and form a potential bearish swing pattern. The market is coming out of a longer-term continuation pattern and it is now unusual for a new reaction swing to form at this level.A trade below the swing point low (1.1025) will confirm the swing pattern and trigger a sell signal. – Sell the Yen at 1.1021 stop, with the protective stop above the swing point high of 1.302.
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