Attached is a daily chart of March Canadian Dollar.
Although we maintain our long bias we would take this opportunity to
exit half of position at these levels (101.38).
We are breaking
with our initial upside objective because of the gap open and
the markets tendency to fill in those gaps. Also, when the
market gives you a gift like this you tend to feel dumb if you
don't take some advantage...will come back with a more
detailed strategy soon.
Happy New Year,
Jim Iuorio