Loonie ... the infamous USD/CAD

Its still not clear what the US econ numbers say today

The GDP was tame ... Chicago PMI was below 50 (below 50 is economic contraction I believe) and it was below expectation) .... the new home sales will give me a better idea.
 
Waiting for Bernanke to finish the questions ... is his voice cracking and his head quivering?

Anyway the USDCAD looks like its in unstoppable upside momentum with out a pull back yet.

Gold is down over -18. This is what probably keeps this spot contract strong.

Why do people want cash and not gold right now? I don't know

I would not buy in now if you are a USD/CAD bull maybe wait for a profit sell off to get a better long position, basically the USD/CAD looks expensive to get long for a short term trade

USD/CAD bears, you could make a point that only the commodity currencies are weak against the dollar and a correction is due

But with gold down so much in the past few days i would hold off short term
 
Looks like CAD/USD did sell off a little ... causes could be due to mid day gold buy back and US econ data does not look too hot.

I have covered my shorts avg price in 1.1725 avg price out 1.1695.

I was hoping for the first fibonacci retracement (around 1.1670s)

not too sure if I want to buy long yet ... an ideal spot would be at resistance in the 1.1650s-60s

but I am unsure how todays events will unfold
 
Quote from Chood:

There's an existing, substantial CAD thread in this forum.

Forex, like most endeavors, rewards thoroughness and intrepidity. Take that as a prompt: you might find one or more posts in that existing CAD thread to be of value. From the looks of it, one or more posters in that thread did.
More...

Given the posts in this thread, I think it's better they stay seperate from that one. :)
 
Mar 01 2007

new trading ideas for the upcoming Canadian GDP number tomorrow at 0830 EST

My thoughts are that the Canadian GDP will be in line with expectations ... this will confirm expectations and many traders or institutions or whoever trades this spot that forward looking numbers such as metal prices or current numbers such as Current Account Balance and Consumer Spending will dictate usdcad movement.
Currently I do not see Canadian dollar strength against the US dollar (indicated by the current trend)

Unfortunately I am long USDCAD from the pull back earlier this morning. I wish there was more of a sell off.

my trade:
Long USDCAD
avg price in 1.1715
est avg price out 1.1800+
stop loss 1.1645
 
Mar 02 2007 ...

As expected Canadian GDP inline with estimates.

I sold half of my position in front of the number @ avg out price 1.1740

Keeping with my strategy of an inline GDP, I am looking to hold the other half of my positions and see what becomes of this spot contract.

more to follow
 
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