Canadian Dollar Setting Up To Slide?
Each evening we focus on the most interesting
aspects for the upcoming trading day. The comments are based on observations of
the nightly updates of the Futures and Market Bias pages. They are provided for
educational purposes only and are not intended to be direct trading advice.
Also, keep in mind that these remarks are made up to 12 hours in advance of the
market’s opening. Therefore, overnight events may alter the outcome of these
observations.
Due to extenuating circumstances, David Landry
will be unable to write this column this evening. Dave should return on Monday,
November 27. Tonight’s piece is being written by TradersWire’s Duke Heberlein.
The December Canadian dollar
(
CDZ0 |
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Chart |
News |
PowerRating), mentioned by Dave on Tuesday night,
appears to be setting up into a pullback from lows. Continue to look for a
shorting opportunity here.
Natural gas
(
NGZ0 |
Quote |
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News |
PowerRating) continues to surge to life-of-contract
highs. Look for a buying opportunity here, or better yet, wait for the next
pullback.
The December S&P Futures
(
SPZ0 |
Quote |
Chart |
News |
PowerRating), while oversold and due
for a bounce, are still appearing to me to be vulnerable. Wednesday had them
closing on their low and just below the previous low. As oversold markets can
(and often do) get more and more oversold, look for a shorting opportunity (for
the nimble trader) if there is a break below the neckline of the low-level head-and-shoulders that has taken shape on the daily chart.
Finally, in the meats, feeder cattle
(
FCF1 |
Quote |
Chart |
News |
PowerRating) is forming a
Cooper/Connors 1-2-3 pullback from its contract highs following a bump up
against overhead resistance. The contract could have another push upward
remaining.
Have a great Thanksgiving holiday!
P.S. Protective stops on every trade!