Took profit from my USD/CAD long with 98+ pips 
-Kastro
-Kastro
Usd/cad
- Thread starter Ivanovich
- Start date
I am long USDCAD at 1.1079
Near term Targets 1.1120
1.1270 and then 1.1350.
DRT
Near term Targets 1.1120
1.1270 and then 1.1350.
DRT
Long trade closed at 1.1230 for 151 points. I reversed and am now short at 1.1230
Target 1.1120
Target 1.1060
If it moves on up and builds value then I will cover and take a look.
DRT
Target 1.1120
Target 1.1060
If it moves on up and builds value then I will cover and take a look.
DRT
just curious on your reasoning behind a short trade on this pair 2 days before a 1/4 point (possible 1/2 point) rate hike for the US fed when the CDN fed is expected to pause
I don't mean to seem obnoxious (sp?) with this comment, I am only here to help and stir up some thought.
Think about what you just said. This type of logic is the exact reason why so many never make any money in this business. I am not trading based on what the Fed does or doesn't do. If you are a technical trader (maybe you are not) then the value of the Fed's antics is already priced in the market.
My methodology says get short and I did. It is risky I agree, but I am here to make money. If this pair builds value above this 1230 level, I will cover the trade and move on.
Are you Long or just waiting to see what happens?
Best of luck.
DRT
Think about what you just said. This type of logic is the exact reason why so many never make any money in this business. I am not trading based on what the Fed does or doesn't do. If you are a technical trader (maybe you are not) then the value of the Fed's antics is already priced in the market.
My methodology says get short and I did. It is risky I agree, but I am here to make money. If this pair builds value above this 1230 level, I will cover the trade and move on.
Are you Long or just waiting to see what happens?
Best of luck.
DRT
Iagree that the CAD should win the USD long term.
"For the better part of the last two months, USD/CAD has been moving sideways in a fairly well defined range from about 1.0950 to 1.1250. The daily chart below shows this quite clearly. The action has been quite choppy.
The really interesting element to this is that the USD has been growing in strength against all the other major currencies during the same period. June has been a strong month for the CAD over the last several years. In fact, from 1999 to 2005 it had risen against the USD each year (meaing USD/CAD fell). This year that pattern seems to have been broken, but the CAD has still shown remarkable strength.
That maybe come to a quick end, though. July is generally not a good month for the CAD. Five of the last seven years USD/CAD has reversed it's June declines in July. In fact, over the last eight years USD/CAD has risen at least 430 pips on four occassions, with one monthly gain being in excess of of 650, and in two of those months the intra-month gains exceed 700 pips. The only two years the market didn't rise in July the drops were just about 20 and 30 pips. That sets things up for an interesting few weeks ahead. "
"For the better part of the last two months, USD/CAD has been moving sideways in a fairly well defined range from about 1.0950 to 1.1250. The daily chart below shows this quite clearly. The action has been quite choppy.
The really interesting element to this is that the USD has been growing in strength against all the other major currencies during the same period. June has been a strong month for the CAD over the last several years. In fact, from 1999 to 2005 it had risen against the USD each year (meaing USD/CAD fell). This year that pattern seems to have been broken, but the CAD has still shown remarkable strength.
That maybe come to a quick end, though. July is generally not a good month for the CAD. Five of the last seven years USD/CAD has reversed it's June declines in July. In fact, over the last eight years USD/CAD has risen at least 430 pips on four occassions, with one monthly gain being in excess of of 650, and in two of those months the intra-month gains exceed 700 pips. The only two years the market didn't rise in July the drops were just about 20 and 30 pips. That sets things up for an interesting few weeks ahead. "