Thanks for that little tip Ivanovich..... It makes sense to me and I'll be looking for the USD to go higher sometime from the current price as I write of 1.1680. It doesnt get as much attention as USD/EUR , but i think it's a good pair to watch.
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Usd/cad
- Thread starter Ivanovich
- Start date
The target might....and I say might very cautiously...be the low at .1585, but frankly I just don't see the BoC staying hawkish with such a strong loonie against many currencies. Especially that of their most valued trading partner to the south.
Regardless, these are large buying ops (in my humble opinion) and I plan on taking advantage of them.
Regardless, these are large buying ops (in my humble opinion) and I plan on taking advantage of them.
Here's my forecast for tomorrow.
Small range until the fed decision, with a few meanders down to the 1.1800 area. After the decision traders will pick up on increase in US interest rates and the decline in oil and push the pair up 1.1900. There will likely be a few spikes above 1.1900 as "breakout traders" try to get in and stop losses are hit. However they will find lots of liquidity on the other side because every Canadian oil company, farmer, banker and even RRSP holders have more U.S. dollars then they want to have and are starting to hate them because they keep going down in value. I believe that the buying will be intense around the 1.900 level ($0.84 in real dollars) before the jobs report we will see 1.1800 again. I am looking to get short at 1.1914 and buy back at 1.1807.
Now with that said can someone make a good case as to why the pair should breakout to 1.2200 and maybe save me some money.
Small range until the fed decision, with a few meanders down to the 1.1800 area. After the decision traders will pick up on increase in US interest rates and the decline in oil and push the pair up 1.1900. There will likely be a few spikes above 1.1900 as "breakout traders" try to get in and stop losses are hit. However they will find lots of liquidity on the other side because every Canadian oil company, farmer, banker and even RRSP holders have more U.S. dollars then they want to have and are starting to hate them because they keep going down in value. I believe that the buying will be intense around the 1.900 level ($0.84 in real dollars) before the jobs report we will see 1.1800 again. I am looking to get short at 1.1914 and buy back at 1.1807.
Now with that said can someone make a good case as to why the pair should breakout to 1.2200 and maybe save me some money.