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USDCAD trend reversal?

  • #301
  • May 29, 2007 6:36am May 29, 2007 6:36am
Since the beginning of the thread this pair dropped +-400 pips and i still see people saying " I am going long here"... Oh boy, keep those longs coming, i love it
  • #302
  • Edited 6:52am May 29, 2007 6:42am | Edited 6:52am
1.0700 is so close. Lets see what US Consumer Confidence brings. Would be no sense for me to go long here. We have CAD Current Account and US ADP tomorrow. US and CAD GDP on Thursday, Chicago PMI... well, Ill hold my shorts.
  • #303
  • May 29, 2007 6:54am May 29, 2007 6:54am
Quoting pabloski
1.0700 is so close. Lets see what US Consumer Confidence brings. Would be no sense to go long here. We have CAD Current Account and US ADP tomorrow. US and CAD GDP on Thursday, Chicago PMI... well, Ill hold my shorts.
US news does not matter at all. Canadian is up against everything, EURO, Pound, Franc, Aussie etc. Wait for trend reversal against every single CAD cross before you commit to a long position. That is just my opinion of course. Then use a tight stop loss.

You know, Miguel is right ... you would still likely be better off just shorting it rather than trying to predict a bottom. The USD/CAD may got to 1.00 still. Speculators were saying it would a year ago go to that point ... now all the speculators are trying to find the bottom before it gets their original target?
The market is my nation. Traders, my family. Hello, brothers and sisters!
  • #304
  • May 29, 2007 6:55am May 29, 2007 6:55am
Quoting pabloski
1.0700 is so close. Lets see what US Consumer Confidence brings. Would be no sense to go long here. We have CAD Current Account and US ADP tomorrow. US and CAD GDP on Thursday, Chicago PMI... well, Ill hold my shorts.

i like your line on crisis meaning the same thing with opportunity.
personally, i think the usd cad could still fall below 0700.
but i dont like to speculate,so i'll wait to see where the market leads me.

UNTIL LATER, TAKE CARE AND MAY YOUR TRADING BE PROSPEROUS.!!!
  • #305
  • May 29, 2007 7:01am May 29, 2007 7:01am
simply unbelievable, just get to 0.0700 already.
BAM BAM BOOM! -bravado
  • #306
  • May 29, 2007 7:15am May 29, 2007 7:15am
I'm off my short positions. Gonna wait for the consilidation in the 07s. Previous bottom 0775 during the week is where I'll start loading the truck again. Or breach of today's low tomorrow... Whitchever comes first.

Cya.
  • #307
  • May 29, 2007 7:33am May 29, 2007 7:33am
Quoting cesarnc
I'm off my short positions. Gonna wait for the consilidation in the 07s. Previous bottom 0775 during the week is where I'll start loading the truck again. Or breach of today's low tomorrow... Whitchever comes first.

Cya.
what makes you think it will consolidate?
BAM BAM BOOM! -bravado
  • #308
  • May 29, 2007 7:37am May 29, 2007 7:37am
Quoting bravado
what makes you think it will consolidate?
It's being doing this since 1.1000 after cracking round figures.

BOC statement was just one "tick" less hawkish than rasing rates. Bias remain bearish in the short term.

But profits today were too fast not to be taken. I mean, if someone throws a pack of cash at you what would you do? I take it and RUN

Could I be wrong? surely. So I'm watching for that consolidation to take place first. Ore breach of today's low in the next days.
  • #309
  • May 29, 2007 7:45am May 29, 2007 7:45am
Quoting cesarnc
It's being doing this since 1.1000 after cracking round figures...But profits today were too fast not to be taken...Could I be wrong? surely. So I'm watching for that consolidation to take place first. Ore breach of today's low in the next days.
understood.
BAM BAM BOOM! -bravado
  • #310
  • May 29, 2007 7:48am May 29, 2007 7:48am
Quoting cesarnc
It's being doing this since 1.1000 after cracking round figures.

BOC statement was just one "tick" less hawkish than rasing rates. Bias remain bearish in the short term.

But profits today were too fast not to be taken. I mean, if someone throws a pack of cash at you what would you do? I take it and RUN

Could I be wrong? surely. So I'm watching for that consolidation to take place first. Ore breach of today's low in the next days.
I agree cesarnc, to close now and be patient. Also, 1.0700 could be a hard level to break as both a weekly and monthly pivot are there.
  • #311
  • May 29, 2007 7:52am May 29, 2007 7:52am
Quoting coolhand
I agree cesarnc, to close now and be patient. Also, 1.0700 could be a hard level to break as both a weekly and monthly pivot are there.
Agreed... this website (quoted below) from which I get market commentaries, has the strategy of going full long from now... Well, last week they had the strategy of covering shorts at 0800 and go long, too

They just issued this. Can you smell the concern in it?

"10:44 We are hearing of large stops building in USD/CAD below 1.0690, which is where we have the stop placed for the current long in the Weekly Strategy. The low so far has been 1.0710/15 and today's close will be very important to gauge the significance of the move down after the BOC rate statement."
  • #312
  • May 29, 2007 8:02am May 29, 2007 8:02am
Quoting cesarnc
Agreed... this website (quoted below) from which I get market commentaries, has the strategy of going full long from now... Well, last week they had the strategy of covering shorts at 0800 and go long, too

They just issued this. Can you smell the concern in it?

"10:44 We are hearing of large stops building in USD/CAD below 1.0690, which is where we have the stop placed for the current long in the Weekly Strategy. The low so far has been 1.0710/15 and today's close will be very important to gauge the significance of the move down after the BOC rate statement."
Thanks for the info. It will be interesting to see this pair break .07, we could see another 50 pip drop at least. I can't beleive anyone would be looking to go long on this pair at this time, unless you're looking to scalp some pips on the retrace, but that's just me.
  • #313
  • May 29, 2007 8:13am May 29, 2007 8:13am
[quote=cesarnc;1453144]
a tru pro such as myself. bravado.
BAM BAM BOOM! -bravado
  • #314
  • May 29, 2007 8:18am May 29, 2007 8:18am
[quote=bravado;1453164]
Quoting cesarnc

a tru pro such as myself. bravado.
I'm NOT SUCH as you, bravado...

YOU'RE GOD!!!
  • #315
  • May 29, 2007 8:30am May 29, 2007 8:30am
[quote=cesarnc;1453168]
Quoting bravado
YOU'RE GOD!!!
i know but i try not to say it cause i am humble.

also, when you read my messages (this is to all) try to picture a deep, commanding, and resonating voice with lots of reverb.

that is all.
BAM BAM BOOM! -bravado
  • #316
  • May 29, 2007 8:34am May 29, 2007 8:34am
Wow this downtrend is really something. I can't believe what I have been missing out. Can anyone explain how and why this downtrend got started? I've only been trading for 4 months so am still a newbie.
  • #317
  • May 29, 2007 8:59am May 29, 2007 8:59am
this is just unbelievable. but i think i know how to stop this downtrend: the very next moment i open a short, it'll go all the way up.
Nihil Sine Deo.
  • #318
  • May 29, 2007 9:16am May 29, 2007 9:16am
Could somebody who knows something about anything explain to me why this thread is called "trend reversal", there is nothing I can see on any time frame which could possibly indicate a trend reversal!
Or are the contributors to this thread IRA/Al Qaeda/Eta terrorists with something against Canada?
  • #319
  • May 29, 2007 9:43am May 29, 2007 9:43am
Three time wave to hiting I think is oversold hard
  • #320
  • May 29, 2007 9:56am May 29, 2007 9:56am
Quoting mike1349
Dear Revoke,
Would you explain to me what's the relation between US/CAd and CAd/Yen?
thanks

historical correlation between usdcad / cadjpy / and oil. is that when oil prices rise usdcad falls and cadjpy rise.

another 1 is gold nzdusd and Audusd tends to have a positive correlation with gold when gold prices rise they tend to rise too..

if ur are only able to trade majors try look at this if i long
usdjpy and short usdcad gives me long cad-jpy i think i start a thread soonish about mixing majors with eachother in this way we will be forced to look at crossrates too which actual has helped me to make sometimes better dicisions.

revoke
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