Loonie ... the infamous USD/CAD
- Thread starter usdoutlaw
- Start date
I continue to stand aside and the market continues to move down. Looks like I underestimated the downside even though the longer term distribtuion pointed to a move to the current level.
Price closed below the River level of 1247 so long trades are aggressive.
Short Strategy
Stand aside.
Long Strategy (Higher Risk)
Traders can look to set longs on an hourly close above 1087. Risk is an hourly close below 1071. Target is River at 1189 where traders can take partial profits, final target is River at 1247. Exit completely here.
Price closed below the River level of 1247 so long trades are aggressive.
Short Strategy
Stand aside.
Long Strategy (Higher Risk)
Traders can look to set longs on an hourly close above 1087. Risk is an hourly close below 1071. Target is River at 1189 where traders can take partial profits, final target is River at 1247. Exit completely here.
oh my god !!! what happened to the usd/cad yesterday !!
an expert on fxstreet was saying " usd/cad seems to have stabalised around 1.1200 - 1.1180
soon after it dropped to 1.1050 !!!!!!!
any ideas ?? is the bottom near ????
happy may 1st by the way
by the way, i am from the uk and using fxcm, i notice on some of the early posts that there is some bad vibes about them, can you guys enlighten me as i respect your judgement
an expert on fxstreet was saying " usd/cad seems to have stabalised around 1.1200 - 1.1180
soon after it dropped to 1.1050 !!!!!!!
any ideas ?? is the bottom near ????
happy may 1st by the way
by the way, i am from the uk and using fxcm, i notice on some of the early posts that there is some bad vibes about them, can you guys enlighten me as i respect your judgement
i seem to get the impression that the guys on this forum think a bottom is near, but fxdaily seem to think it is gonna go a lot lower, i am vexxed as to what to do
wait for the Canadian number today at 830 and then wait for 4 hour reaction time
I think these numbers are important as a confirmation of Canadian inflationary conditions
To be honest ... this usdcad long is a gamble ...
All econ numbers out of Canada relative to the US have been stellar ... thus the steep slope of the usdcad charts
I thought we were forming a bottom formation last week but the macro economics is just too strong on the Canadian side
If we break yesterdays lows I am sure we will see low 1.09s this week and weak NFP numbers out of the US will drive USDCAD even further => pushes the usdcad into the original weekly down channel somewhere in the 1.05s
Its all gloom and doom, but on the remote chance of a sign of a slow down in the Canadian economy the retracement will be considerable
However I am not asking for much, just 100 - 200 pip retracement ... not like 400 - 500 pips
But I could be catching a falling knife *sigh*
usdoutlaw, i appreciate your honesty and and your last comments have probably saved me from going bust as i was going to go long but have now chickened out.
i now intend to watch for another period of time, keep an eye on the forum and maybe trade usd/chf as i reckon gbp/usd could fall of a cliffe quite soon.
as for usd/cad, it is still my favourite pair and the pair wich will be my making as long as i dont fall into the trap of going long too soon, which nearly happened today but didnt thanks to you. !!!
cheers mate, have a nice day
i now intend to watch for another period of time, keep an eye on the forum and maybe trade usd/chf as i reckon gbp/usd could fall of a cliffe quite soon.
as for usd/cad, it is still my favourite pair and the pair wich will be my making as long as i dont fall into the trap of going long too soon, which nearly happened today but didnt thanks to you. !!!
cheers mate, have a nice day
How much does this USD move suck for Canadian or European residents who trade US markets? I can't keep up with 6% losses a month in currency devaluation..
What are you guys doing to protect yourselves? I'd like to hedge but difficult to
put on a hedge at these levels... Let's see what May brings..
I'm really surprised its not getting much more attention. It's offsetting all the gains in the equity markets.
6% a month hmmm..So by the end of the year the Dow'll be over 19000 and the dollar will be over 2 euros and over 1.3 to the CDN$?
Will anybody care then? That's scary.
B
What are you guys doing to protect yourselves? I'd like to hedge but difficult to
put on a hedge at these levels... Let's see what May brings..
I'm really surprised its not getting much more attention. It's offsetting all the gains in the equity markets.
6% a month hmmm..So by the end of the year the Dow'll be over 19000 and the dollar will be over 2 euros and over 1.3 to the CDN$?
Will anybody care then? That's scary.
B
Hmmm. I think you should stay long my friend, but it doesn't matter what we all think now does it. Think hard on this one. Good luck.
thanks downrivertrader,
because i am newbie i cannot afford to go for high risk and at the moment this pair is such for me.
i will go long when its well below 1.10 and at that point am willing to hold on even if it drops another few hundred pips because of its uplift potential.
thanks mate
because i am newbie i cannot afford to go for high risk and at the moment this pair is such for me.
i will go long when its well below 1.10 and at that point am willing to hold on even if it drops another few hundred pips because of its uplift potential.
thanks mate