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USDCAD trend reversal?

  • #2,521
  • Edited 12:58pm Aug 4, 2008 12:47pm | Edited 12:58pm
Sell USD/CAD near 1.0361, Target 1.0320 , stops 15 pips
and next Long 1.0320 Target 1.0400
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  • #2,522
  • Aug 4, 2008 1:48pm Aug 4, 2008 1:48pm
R3 is 1.0380, a good place to short, I'm short from 1.0365

TL for cad/jpy should also help usd/cad go down
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  • #2,523
  • Aug 4, 2008 5:16pm Aug 4, 2008 5:16pm
Quoting Clouds
R3 is 1.0380, a good place to short, I'm short from 1.0365

TL for cad/jpy should also help usd/cad go down
Attachment
Clouds, just curious but do you know what the correlation % between USD/CAD and CAD/JPY is?
"A goal without a plan is just a wish."
  • #2,524
  • Aug 4, 2008 5:18pm Aug 4, 2008 5:18pm
Quoting norrismp
Clouds, just curious but do you know what the correlation % between USD/CAD and CAD/JPY is?
no, sorry
  • #2,525
  • Aug 4, 2008 8:07pm Aug 4, 2008 8:07pm
I sold at 1.0361 , Stops was 15 pips,,,,,,,now I still looking to Sell at 1.0400 (psychologic level) stops 17 pips
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  • #2,526
  • Aug 4, 2008 8:43pm Aug 4, 2008 8:43pm
Quoting Algirdas
I sold at 1.0361 , Stops was 15 pips,,,,,,,now I still looking to Sell at 1.0400 (psychologic level) stops 17 pips
why sell usdcad ?
  • #2,527
  • Aug 5, 2008 7:01am Aug 5, 2008 7:01am
Stand aside for now...I trade just intraday small..
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  • #2,528
  • Aug 6, 2008 2:50am Aug 6, 2008 2:50am
I'm short,, see you at 1.0050
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  • #2,529
  • Aug 6, 2008 6:01am Aug 6, 2008 6:01am
Quoting Clouds
I'm short,, see you at 1.0050
Attachment

Clouds, why such a debilitating bias? You're only seeing what you want to see, respectfully. Here's what is actually happening.
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  • #2,530
  • Aug 6, 2008 6:29am Aug 6, 2008 6:29am
Think there is a case for continued long USD/CAD. Slowing world economies equals slowing commodity demands. Baring some major dispute with Iran or some significant other disruption in the oil market, the commodity markets are signaling deflationary pressures.
This pair pushed through significant long term resistance. If this situation holds without reversing, the case is stronger for long then being short.

Just an opinion.
  • #2,531
  • Aug 6, 2008 6:32am Aug 6, 2008 6:32am
Quoting bobblong
Clouds, why such a debilitating bias? You're only seeing what you want to see, respectfully. Here's what is actually happening.
ok, what is your tp
  • #2,532
  • Aug 6, 2008 9:17am Aug 6, 2008 9:17am
Ivey PMI was a bit stronger then expected. Took partial profit on some of the long USD/CAD position. Will put full position on again if any retracement occurs.
  • #2,533
  • Aug 6, 2008 10:44am Aug 6, 2008 10:44am
im short u/cad
  • #2,534
  • Aug 6, 2008 1:15pm Aug 6, 2008 1:15pm
Not much reversal today. USD remains strong. If these levels hold up tomorrow and Friday, could be a powerful move is in place.
Setup is tempting to take a breakout trade from these levels. May seem ridiculous, but there are those times.
  • #2,535
  • Aug 6, 2008 4:45pm Aug 6, 2008 4:45pm
This pair looks really close to the upper boundary of the ascending channel started in Feb. Oil is oversold. I'm bearish looking for retrace to 1.0180.
  • #2,536
  • Aug 6, 2008 5:15pm Aug 6, 2008 5:15pm
Could be what you say Subdude.
I've looked at the weekly on the three year chart. Today just touched the 50% Fib retracement of the big move down in 2007.
There is a prior trading range above the 50% from around where we are now to the 108 level. If the chart holds then we may reenter this prior trading range.
Fundys remain bullish USD against commodities. Slowing economies mean that more material needs to be sold for the buck to generate same revenues. Demand falls = price falls given no supply reduction. Commodity producers have been ramping up production so there should be adequate supply for a while.

Either way it's only a trade. Good luck
  • #2,537
  • Aug 6, 2008 5:29pm Aug 6, 2008 5:29pm
Last year we did see big chaping beatween 1.0495 and 1.0591.
For now good to Sell Intraday 1.0495, but after retracemant Sell Daily near 1.0591

http://1.bp.blogspot.com/_nmIuQsC9b-...er++cadddd.png
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  • #2,538
  • Aug 6, 2008 6:17pm Aug 6, 2008 6:17pm
Quoting Clouds
ok, what is your tp
Not even trading it, just my objective analysis. Seems like it has hit a resistance and may find support at 1.03, or not. But bidders have been willing to pay higher and higher prices over the last few months. What else can be said.
  • #2,539
  • Aug 6, 2008 7:36pm Aug 6, 2008 7:36pm
Quoting Clouds
ok, what is your tp
hi clouds, where did you set your stop at?
  • #2,540
  • Aug 6, 2008 7:39pm Aug 6, 2008 7:39pm
Quoting rogerdoger
hi clouds, where did you set your stop at?
105.10
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