Loonie ... the infamous USD/CAD

Last USDCAD this holiday week

The long term trade strategy I mentioned earlier this week actually hit

I was long from 1590 and 1595 and exited all at 1620

I did not want to take the long into the weekend.

I will re-evaluate the trade next week...stewing down near this daily support is not very promising for the upside and the recently strong Canadian employment numbers are also no help for the upside.
 
USDCAD trading in a tight and nearly un profitable range ... not sure what will cause a break out or break down

still looking to play the daily / 4 hourly down channel

the buy looks to be in the 1460s and 70s currently ... I have open buy orders up in that area

I also have an open sell order at 1550 (see 4 hour chart => previous support becomes current resistance?
 
High Low
High 1.1545 1.1480 today
Low 1.1537 1.1467


High Low
High 1.1583 1.1493 Next day
Low 1.1575 1.1483

I expect the low today at 1.1467
next day 1.1483

Higher lows expected ---> Long for me... :D
 
Just to fill all you readers in

I am long USDCAD @ 114.75 and 114.65

I am definitely sweating it out right now because the four hour down channel has been breached on the downside and there seems to be no buy back interest

I am looking to exit as soon as possible, however my instinct says that the channel still holds if you allow for the sloppiness of the usdcad market making

stops are in place @ 114.45 ... upsid targets are not yet in place ... looking for something in the mid 115.50s though

recent USD weakness is very disconcerting though (especially fter stronger than expected job numbers last friday)
 
Does anyone have any idea what moved the loonie at 2pm? The USD is flat or higher against the majors so that is unlikely.

What about the 3am move? Perhaps some M&A risk management stops by Royal Dutch Shell in their move to aquire Shell Canada?Maybe trigger by the pound tax change?

Just throwing it out there. People are asking me so I have to come up with something.
 
ahh Gartman again sent out his newsletter and announced his short at 1475 ...

You guessed it my stops went up like christmas lights ...

The canadian dollar is way stronger than I expected.

i do not see any real daily resistance until sub 1300

currently I am long for 1387 ... trying to catch any type of over-extended retracement ... and then will flip short ... i just think that it is too expensive at this time to short at this level

The Shell business definitely had an affect I believe ... like a catalyst everyone started pricing in that takeover
 
Was anyone surprised how well the CAD did against the dollar? Pretty much stayed even since Monday. I guess whats good news for American, is good news for Canada
 
Closed my longs @ 1405
+ 21 pip avg (i was buying down from my first long @ 1387)

... usdcad is very weak compared to its other counterparts ... i.e. eurcad

I was trying to see if 1410 would break however it was fruitless ... it seems a market moving econ data is the only thing that can provide usdcad with a substantial retracement

not currently looking to short the usdcad ... i still think it is too expensive to do so

if the usdcad does sell off again I will be looking to get long for another retracement ... no spots in mind yet
 
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