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Fed Play: Long Canada's Dollar, Says Gartman

On Wednesday, the Fed renewed its vow to keep rates low for “an extended period.”

Also, the U.S. central bank held benchmark borrowing costs in a zero to 0.25 percent range and said consumer and business spending were picking up steam.

What’s the trade?

I’d get longn the Canadian dollar because I think Canada tightens before we do and as a result its currency goes higher, says Dennis Gartman.

*And in case you’re wondering in Thursday’s Gartman Letter Dennis will be writing more about the woes in Europe. “I think we’re witnessing the beginning of the end of the European monetary union,” he says.



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Trader disclosure: On Apr 28, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Kelly Owns (FXE) Puts; Kelly Owns (AUY) Calls; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Finerman's Firm Is Short (IWM), (MDY), (IJR); Finerman's Firm Is Long S&P Puts; Finerman Owns (AAPL); Finerman's Firm Owns (BAC), (BAC) Leap; Finerman Owns (BAC), (BAC) Preferred; Finerman Owns (GOOG); Finerman's Firm And Finerman Own (JPM); Finerman's Firm Owns (MHK); Finerman's Firm And Finerman Own (WFC) Preferred; Finerman's Firm Owns (GLW); Seymour Owns (AAPL), (BAC), (POT); Scaramucci Owns (PFE), Skybridge Owns (PFE)

For Tim Seymour:
Seygem Asset Management Owns (POT)

For Dennis Gartman
Funds Managed By Dennis Gartman Own Gold
Funds Managed By Dennis Gartman Own (FXI)
Funds Managed By Dennis Gartman Are Short Sterling
Funds Managed By Dennis Gartman Are Short Yen
Funds Managed By Dennis Gartman Are Short Euro

For Brian Kelly
Kanundrum Capital Is Long U.S. Dollar
Kanundrum Capital Owns (TLT)
Kanundrum Capital Owns (NTES)
Kanundrum Capital Owns (AWI)
Kanundrum Capital Is Short (FDX)
Kanundrum Capital Is Short (CLF)
Kanundrum Capital Is Short (BCS)
Kanundrum Capital Is Short (DB)
Kanundrum Capital Is Short (MCO)
Kanundrum Capital Is Short (STT)
Kanundrum Capital Is Short (IVZ)
Kanundrum Capital Is Short (USO)
Kanundrum Capital Is Short (RSX)
Kanundrum Capital Is Short (EWH)
Kanundrum Capital Is Short (EWY)
Kanundrum Capital Is Short (FXI)

For Patty Edwards
Edwards Owns (DOW) For Clients
Edwards Owns (C) For Clients
Edwards Owns (BAC) For Clients
Edwards Owns (MS) For Clients
Edwards Owns (JPM) For Clients
Edwards Owns (WFC) For Clients
Edwards Owns (V) For Clients
Edwards Owns (GOOG) For Clients
Edwards Owns (YHOO) For Clients
Edwards Owns (MSFT) For Clients
Edwards Owns (INTC) For Clients
Edwards Owns (SPY) For Clients
Edwards Owns (QQQQ) For Clients
Edwards Owns (GLD) For Clients
Edwards Owns (PGM) For Clients
Edwards Owns (HD) For Clients
Edwards Owns (PCL) For Clients
Edwards Owns (AAPL) For Clients
Edwards Owns (MCD) For Clients

For Jared Levy
Peak6 Investments Owns And Has An Options Position In (DOW)
Peak6 Investments Owns And Has An Options Position In (CMCSA)
Peak6 Investments Owns And Has An Options Position In (GLW)
Peak6 Investments Owns And Has An Options Position In (S)
Peak6 Investments Owns And Has An Options Position In (TLT)
Peak6 Investments Owns And Has An Options Position In (C)
Peak6 Investments Owns And Has An Options Position In (BAC)
Peak6 Investments Owns And Has An Options Position In (GS)
Peak6 Investments Owns And Has An Options Position In (JPM)
Peak6 Investments Owns And Has An Options Position In (WFC)
Peak6 Investments Owns And Has An Options Position In (V)
Peak6 Investments Owns And Has An Options Position In (COF)
Peak6 Investments Owns And Has An Options Position In (YHOO)
Peak6 Investments Owns And Has An Options Position In (MSFT)
Peak6 Investments Owns And Has An Options Position In (LOW)
Peak6 Investments Owns And Has An Options Position In (WY)
Peak6 Investments Owns And Has An Options Position In (AAPL)
Peak6 Investments Is Short And Has An Options Position In (CMCSK)

Peak6 Investments Is Short And Has An Options Position In (XLF)
Peak6 Investments Is Short And Has An Options Position In (MS)
Peak6 Investments Is Short And Has An Options Position In (MA)
Peak6 Investments Is Short And Has An Options Position In (BIDU)
Peak6 Investments Is Short And Has An Options Position In (GOOG)
Peak6 investments Is Short And Has An Options Position In (NTES)
Peak6 Investments Is Short And Has An Options Position In (HD)
Peak6 Investments Is Short And Has An Options Position In (PCL)
Peak6 Investments Is Short And Has An Options Position In (AWI)
Peak6 Investments Is Short And Has An Options Positoin In (CTXS)
Jared Levy had put in an order to buy (GS) as of Halftime Report but did not yet own shares.

For Whitney Tilson
Funds Managed By Whitney Tilson Are Short (PALM)



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