EUR/CAD Opportunity You Don't Want To Miss....

EUR/CAD bounced back from it's oversold position on Friday. It closed @ 1.3823. Weekly low was 1.3658.

CCI and Bollinger band both showing rebound from oversold position but still in negative position.

Euro was under much pressure last week on speculation that Ireland was on the verge of a EUR 80b bailout from EU and IMF. The rumors sent CDS on peripheral Eurozone countries to record high, as well as respective bond spread with benchmark German bund. Nevertheless, the rumor was denied by Irish finance ministry on Friday. Investors were also worried that Germany will push forward measures to have bond holders sharing the burden in future bailout of countries in fiscal problems. But investors were then calmed down by a joint statement by UK, France, Germany, Italy and Spain that "any new (bailout) mechanism would only come into effect after mid-2013 with no impact whatsoever on the current arrangements".

If no new bad news comes out of Euro next week, we will expect Euro to rally against CAD. We will be looking for a long position on any pullback from this level.

We closed last week with +190 pips profit and our Managed account gained +4.3% for the month of October.

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