wmeubank@ocp.kcmo.com
COMMODITY INSIGHT
152 Ennis Lake Road, Ennis, Montana
(November 9, 1997) CURRENCIES: Last week, the Bank of Canada was an aggressive buyer of the Canadian Dollar. Thus far, their efforts to support the Canuck have not done much good. Even with the support of the Bank of Canada, the Canuck ended the week at its second lowest level since March, 1995.
Despite such a poor showing by the Canuck, my work suggests that it is close to establishing a major long-term low. As a result, I am viewing last week's break as a buying opportunity.
For the next five days, buy (1) December Canadian Dollar at 0.7106, with a 0.7080 intra-day stop. The Canuck should work higher into 1998.
Jerry F. Welch
Hosted by:
One Crossroads Place
610 West Maple Ave, Suite WWW
Independence, MO 64050
(816) 252-4080
sysop@kcmo.com