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Strategies & Market Trends : Dino's Bar & Grill

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From: fringe	6/6/2017 8:12:49 AM
	of 203521

David Rosenberg: Why The Loonie is Ripe for a HUGE Short-Covering Rally Globe and Mail subscription customers only, unfortunately.... theglobeandmail.com "The Canadian dollar is ripe for a huge short-covering rally on ANY good news given that the net speculative short position in the futures and options pits has ballooned to a record 99,736 contracts as of the end of May, more than doubling since the start of the month. So at a minimum, the sellers must have completely exhausted themselves, and in the process of overdoing it on the short side, the Canadian dollar has very recently managed to break above its 50-day moving average." Personally, I think the call is premature. The Daily chart is way out in front of Weekly and Monthly charts. Any correction to the upside will be short lived.

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