Loonie ... the infamous USD/CAD

Quote from mrmoose:

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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well if you are looking at light sweet crude then I would have to point out that most light sweet is drilled in the gulf of mexico, however that price does have an affect on crude prices in general

I remember that generally a sharp move will have an effect because those contracts are usually hedged with forex contracts

However, currently what moves the usdcad is inflation worries. It seems that Canada has a reason to raise interest rates now since their CPI was higher than expected, in the face of this news I do not think a move in crude prices will have that much of an effect.

However on a normal day, I would lean to say that crude prices do have an effect, since Canada is a net exporter of petroleum.
 
Out USDCAD Long @ 1.1615 all

looking to straddle upcoming Canadian econ numbers

20 pip stops and 70 pip limit gains

looking to straddle 1.1615 aka long USDCAD @ 1615 and short USDCAD 1615
 
The straddle i put on did not work as well as I intended ... still waiting for the usdcad to go for support at 1.1550s - 60s

Maybe it was not such a good idea to straddle on second tier Canadian econ data and in front of the minutes of the FOMC meeting.
 
new trading idea

gold is up ... oil is up ... US interest rates looking to go nowhere ... CAD econ stats hint at interest rate increase

recent USDCAD uptrend probably due to buybacks and sell-off relief

Looking to short in 1.1590s - 1.1610s
target low 1.1500s
stop around 1.1625-1.1635 (before the 1st standard Fib retracement on recently hourly chart)
 
Quote from KS96:

The party has been in the EUR/CAD for sometime now.
(actually, my net exposure is in that;
long EUR/USD, long USD/CAD)
I believe that this is what moves CAD lately.
What we see in USD/CAD is probably just a spin-off
of the EUR/CAD moves.

btw, I am trading daily & 30min charts (for entries/exits).
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I have been looking over the relationship between the usdcad and the eurcad and I believe there is a high correlation in tics

speculation in eurcad must be high ... europe maybe looking to canada for a lot of resources? I am not sure

still based on technicals, recent natural resource pricing, and recent inflation biases, I believe usdcad still has some room to fall in price.

adding to my usdcad short in the 1620s and 30s increasing my stop to 1660s
 
I am not sure what usd/cad will do this week .........
but seems up to a major surprise
Maybe from 1.1720 area
I think want's to crash or something
 
will consider a bear flag formation on dailies as long as USDCAD is trading below the 1630-35 region; bearish sentiments wont be reversed before breaking above 1677 (previous support level, and now the broken TL resistance)
 
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