The way I trade the USD/CAD is synthetically through the result of trading EUR/USD and EUR/CAD. The result is that you often enjoy the volatility in these two crosses, whilst limiting your overall exposure to the market, and if your getting it wrong, you simply hedge in the USD/CAD to reduce your actual exposure to nil, whilst you trade out of it on the synthetic components. Here's A heads up on one of those crosses.
http://img223.imageshack.us/img223/6...d031507gr2.png
The EUR/CAD has fallen about 1000 pips now, and has reached the 61.8% retrace of its Oct 22nd - March 19th 1600 pip rally. Here's a chart (above) that I posted at OANDA (I wont post a link to the original thread cause I got an advertising warning last time I did ) when we were at that High.
Below that you have the support of the long term trend coming in currently at 1.4650. Im taking profits here, and am expecting considation in this cross before its decided whether the support will hold or break. I personally, think this cross is a great buy here, and expect that EUR/CAD will again head towards the 1.60 level after some consolidation around this level. As to where USD/CAD will go, depends on your opinion for the EUR/USD. Personally, I also think EUR/USD is heading for new terrortory on the upside, but looks as if it will test 1.34 on the downside first, and also consolidate before a substantial move up.
http://img516.imageshack.us/img516/1...fib618aec1.jpg
http://img223.imageshack.us/img223/6...d031507gr2.png
The EUR/CAD has fallen about 1000 pips now, and has reached the 61.8% retrace of its Oct 22nd - March 19th 1600 pip rally. Here's a chart (above) that I posted at OANDA (I wont post a link to the original thread cause I got an advertising warning last time I did ) when we were at that High.
Below that you have the support of the long term trend coming in currently at 1.4650. Im taking profits here, and am expecting considation in this cross before its decided whether the support will hold or break. I personally, think this cross is a great buy here, and expect that EUR/CAD will again head towards the 1.60 level after some consolidation around this level. As to where USD/CAD will go, depends on your opinion for the EUR/USD. Personally, I also think EUR/USD is heading for new terrortory on the upside, but looks as if it will test 1.34 on the downside first, and also consolidate before a substantial move up.
http://img516.imageshack.us/img516/1...fib618aec1.jpg