occasionally,I use yearly and 6 months pivots for choosing long term setups. as its shown above and I have checked past available data for ECAD and UCAD it is almost mathematically promised(based on past!!!!) that the pivot level should be touched at least once a year and if it doesn't will be touched in near future.
current pivot level in these 2 pairs is suggesting an opportunity for buying CAD
the problem is arising from these facts:
1-the year we are trading at least up to now is not obviously suggesting buying cad
2-ECAD and UCAD are highly correlated (hedging is not helping directly)
3-I want to short at least one of these pairs without risking much
4-any combination should consider ADR.
after investigating some possibilities I choosed this combination.
{EURCAD(Sell) CADJPY (Sell) JPYUSD(Sell)[=USDJPY(BUY)] USDCAD (Sell)}=EURCAD Sell
(the main trade is based on EURCAD short.)
i am seeking for any Idea that could help better trading these opportunity. (OR MAYBE ANY ADVISE DOING OR NOT DOING.)
sorry for bad english.