wmeubank@ocp.kcmo.com
COMMODITY INSIGHT
152 Ennis Lake Road, Ennis Montana
(December 3, 1997) CURRENCIES: If I am right in thinking that a sharp rally for the commodity markets is close at hand, it could also mean that a rise in the Canadian Dollar is near. I would therefore, like to probe the long side of the Canuck here and now. Buy (1) March Canadian Dollar at 0.7090 with a 0.7050 stop, close only. Once filled and on a trade of 0.7145 or higher, move all stops up to 0.7100 on an intraday basis.
The Canadian Dollar has been moving in tandem with wheat and gold prices for the past two months. Just maybe, what is needed for the Canuck to rise is for grains and metals to rise as well.
Also, buy (1) March yen at 0.7900 with an intraday stop of 0.7840. That's all I wish to do with the currencies at this time. But from current levels, the Canuck and the yen could rise substantially.
Jerry F. Welch
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