Usd/cad

Quote from illiquid:

"wtf is going on here? I guess I'll just avg down". My post was more directed to the latter contingent as just a bit of cautionary advice.
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I'm fairly new to Forex. I trade a few other pairs regularly but USD/CAD is unique and I've been evolving my strategy with this pair to best profit from it.

As you know from reading this thread, I was short USD at around .2000. My philosophy was anything will be higher against the USD in the long run, and what better than a petro dollar. It was one of my best trades of the year.

Towards the end of the year I got a little more bold, attempted to day trade it a bit with tight stops, and lost some money in the process. Once again I adapted and took an approach similar to my first forex attempt: take a position with a liberal stop and ride it out. However the pair has been so volatile lately that my stop kept getting hit.

I have started to experiment without stops on this pair only, and I could not be happier with the results. I have two huge positions at .1453 and .1387 and I'll add a 3rd if it ever spikes down to the low .1300s again. I still maintain that CAD will rise against the USD in the long-run but in the short-term it's due for a major pullback.
 
Yeah, this pair is so unique that people decided it should depend on oil, commodities etc. as it doesn't depend towards general USD sentiment.

I'm wondering if major very heavy flows are concentrated in that down monthly trend since 1.6 and if a super stop loss exist?

:D
 
This is my first go round with this pair also. Like Ivan said, patience appears to be needed. I am just trying to judge patience versus good money management. The mistake I made was putting a full position on by the time it got to 1.15.

I see a correction in Gold and Oil this year and this is my initial attempt to capitalize. I am actually trading USDCAD futures. I am not saying it will last all year, I will continue to evaluate it.

I am not comfortable with trading Gold or Oil directly, so this is my play. Guess I will either learn or earn on this one. Wouldn't really surprise me if Gold goes to 10,000. hehe.

Appreciate the help from you folks on this one.

DRT
 
hehehe. i love these guys. they just took a short position yesterday.

Boston, February 2.
USD/CAD spent another overnight session holding above the lows posted late on
Tuesday at 1.1375. Dealers note talk of continued buying from Canadian
corporates on dips. Technicians note a bullish divergence on the daily charts
and only very limited follow-through after breaking 14 year lows earlier in the
week. A reversal in oil prices late yesterday is another cause for concern for
the CAD bulls. Rallies have note reached unbearable levels yet, though. Above
1.1455 and 1.1475 levels, expect short-covering to accelerate. Helping forestall
a move higher is a continued rally in CAD/JPY as the Japanese officials indicate
their super-easy monetary policy is here to stay for some months ahead.
Solid bids are eyed at 1.1380/90 on dips near-term. Offers are seen between
1.1440 and 50.
 
Quote from downrivertrader:

No. In my previous life I was a fish, Rockfish in the Chesapeake Bay.

My previous handle here on ET was "VisionTrader". I have not really posted much here over the last couple years.

Are you poking fun at my predictions or did you really think I was this person?
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I really thought you were him. Sorry, didn't mean to offend.
 
Quote from jerry11901:

It’s to avis that this pair should turn back here, even new traders know this. So something must be done to outsmart this grope.
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Maybe you'll be the one to succeed taking the "group" on, then! You seem to be highly attuned to the desires of USD/CAD - even new traders would note this!
 
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