Loonie ... the infamous USD/CAD
- Thread starter usdoutlaw
- Start date
FEB 22 2007 ...
have 10 lots CAD/USD long from avg 1.1600
looking to settle at a retracement of 1.1700
stop out around 1.1560
will buy on dips
reasons:
(1) the recent sell off was fueled by better than expected econ data out of Canada, however no one is sure that the data is valid because the GDP and inflation data do not seem to make sense ... hoping for a revised inflation number because the GDP (if I remember correctly) was weak
(2) there seems to be a temporary floor at 1.1590 but there is a ceiling around 1.1630
(3) PNB Paribas still thinks its a good play to buy dips in the CAD/USD based on interest rate valuation
have 10 lots CAD/USD long from avg 1.1600
looking to settle at a retracement of 1.1700
stop out around 1.1560
will buy on dips
reasons:
(1) the recent sell off was fueled by better than expected econ data out of Canada, however no one is sure that the data is valid because the GDP and inflation data do not seem to make sense ... hoping for a revised inflation number because the GDP (if I remember correctly) was weak
(2) there seems to be a temporary floor at 1.1590 but there is a ceiling around 1.1630
(3) PNB Paribas still thinks its a good play to buy dips in the CAD/USD based on interest rate valuation
Please tell us a little about yourself...10 lots!!???standard lots?? you must have been trading a long time. who's your broker? spread?
best wishes!
best wishes!
Yeah standards, I am sitting pretty for a dollar rally which seems poised to happen right now ... and the way this contract moves I am either in a good spot or a whole world of hurt.
A little about myself:
I use to trade the level 2 box then I got into forex and stopped about a year and a half ago because I got ripped by the USD/CAD before the new year (something about lifting the mad cow disease ban on canadian beef and some genius who buys 5 million future cattle contracts from a Canadian distributor) -- this happened a few days after the USD/CAD hit a bottom around 1.1100 and sky rocketed about 4 big figures
But now I am back.
The shop I use to trade nick named me looney because all I would do is make large plays in the USD/CAD ... its very lucrative if you can average in a few days before an economic number and wait for your spots
A little about myself:
I use to trade the level 2 box then I got into forex and stopped about a year and a half ago because I got ripped by the USD/CAD before the new year (something about lifting the mad cow disease ban on canadian beef and some genius who buys 5 million future cattle contracts from a Canadian distributor) -- this happened a few days after the USD/CAD hit a bottom around 1.1100 and sky rocketed about 4 big figures
But now I am back.
The shop I use to trade nick named me looney because all I would do is make large plays in the USD/CAD ... its very lucrative if you can average in a few days before an economic number and wait for your spots
usd, you are trading 1M units with 3 wide? I suggest you run to a broker that offers CurreneX. Usually you can negotiate for lower fees if you bring size.
The Ever Questioning VIPER
The Ever Questioning VIPER
Feb 23 2007
Phew, what a dollar sell off, I guess it was coming???
it couldn't be from IRAN tensions ... could it
closed USD/CAD
open avg 1.1600
close avg 1.1603
closed USD/JPY
open avg 121.00
close avg 121.42
Maybe people are just selling dollar
any way looking to reposition for another dollar long early next week ... hey it will be cheaper
Phew, what a dollar sell off, I guess it was coming???
it couldn't be from IRAN tensions ... could it
closed USD/CAD
open avg 1.1600
close avg 1.1603
closed USD/JPY
open avg 121.00
close avg 121.42
Maybe people are just selling dollar
any way looking to reposition for another dollar long early next week ... hey it will be cheaper