Loonie ... the infamous USD/CAD

Quote from risktaker989:

short USDCAD @ 1.1745; stop in 1.1835 area, limit in 1.1560 area

despite the larger upward momentum the past couple of weeks, i believe there might be some leftover selling pressure due to signs of a shorter-term bearish reversal.

as always, i'm covering this with any signs of unusual strength to the upside as the action develops.
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i changed my mind on this trade. i covered my short at 1.1782 for a small loss.

what i thought was good timing for the trade turned out to be too early. i agree that there is still downside bias to this pair and hopefully when i wake up in the morning there will still be an opportunity to jump in.

for now i'm flat.
 
Covered short at 1.1730 (limit)

What a turn around on US housing numbers!

Might do an anticipation play on FOMC meeting transcripts. Not sure of what direction. I will need to look at econ data for the past few months.
 
Quote from Ivanovich:

Should of kept that one it would seem.
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hahaha...yeh, don't i know it.

but still, looking back on the overnight action i really don't belive that i would've been able to sleep at night if i held onto it.

the good news is that at least i know my analysis is on point...the bad news is that sometimes i don't trust it...hahaha.
 
usdcad off its highs around 150 pip ... going long and looking for 1 standard FIB retracement

Long USDCAD avg 1.1640
target 1.1690s - low 1.1700s
tight stops at 1.1620s

I am looking for some solid consolidation on the 5 minute charts ... If this doesn't happen then I know for sure it will leg down again.

Was the Canadian CPI that strong? At 0.5% it suggests 6% inflation over one year. Is that possible for Canada right now?
 
to be more specific, if their is a sharp intra day move in crude (such as on a stockpile number that is out of whack) will their be a move in cdn/usd because Canada is such a large oil exporter?
 
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