USD/CAD Trading Room

Both Mark Carney (BoC) and Jim Flaherty (Minister of Finance) are on crack. The official opposition leader, Ignatief, will be revisiting the government's progress in the fall. If bad, they will try to topple the minority government. But the government is pushing out a rosie picture. This way, if the opposition does want to topple the government, our Prime Minister Harper will cry foul and let Canadian voters think Ignatief is wasting their time and money. This is a classic example of WAG THE DOG politics. Apparently Canada will be out of this GLOBAL recession in 3 months. While the rest of the world is mired in misery.

Maybe I should post more often....up a quick 30 pips.

Loonacy, indeed.

Double bottom coming up Daily

thats greattt!!! im long 1.0802 ehehe what do you think about target today ?

Long off 1.0800. Daily Pivot Zone

thats greattt!!! im long 1.0802 ehehe what do you think about target today ?
1.09 its possible ?

I am aiming 1.09 but keep locking in profits with this heaving down trend.

Added long at 1.0805. Need to bring my average down. Although this 'parity' talk has me a little concerned, I'm still sticking to my long term game plan.

Double bottom with a potential for a huge W on the daily. CAD is acting like it's a 7% BR currency in a bull market... unsustainable, especially given that Canada is so dependent on its energy exports.

You know what they say about people who pick bottoms right? They get stinky fingers! Just my 2 pips.

How original.

My TP HIT 1.0850

Something this big often takes atleaset a few days to build.

If in a few days, we've left the 108 behind and trade decisively higher,
I'd say there's a good chance it is exactly that: A huge W bottom.

Too soon yet, but I'll bet there someone else thinking the same thing
and it's time to start closely watching the volumes and OI right here.

Even a hint that an accumulation is occurring could be worth 500 pips.

If it's real, then double that. If not, a fall down shows 106 would be next support.

In the past two years, after droping nearly 3000 pips in 2007,
nearly 2000 of that in the last quarter, then running up an astonishing
4000 pips in 2008, only to fall 2000 more pips this year in 2009,
the CAD is fairly much where is was 2 years ago in the summer of '07.

Before the collapse of anything. Before we had this utter meltdown
of the global economy. Before $147 per Barrel oil. Before all that when
the dollar just gradually fell and the cad rose little by little, week by week.

We haven't gone anywhere.

And as much as would like to see a double bottom form right here, right now,
it needs to turn around from here real fast and get back over 110.
Look at the way it's pointing lower. Even if it's a bear trap, the bigger TF
has room under here to bounce from. Not much fun if one is already long this pair.


I'm watching PA on smaller TF and do see signs of buying on dips both spot
and the reciprical sells in futures basis September and that's all good, but
ultimately 90 cents is an important barometer, roughly 11100 Dollar/CAD,
and where we are in relation to that number, higher or lower, sets the tone
for deals getting done and trade taking place between the 2 neighbors.

Right now 108 is still getting a bounce.
That needs to continue, and as said B4, 110 needs to hurry up and return
to the charts or the bottom could get slapped, 106 tested OR it could be
that we'll be in for a long multi week consolidation where we go nowhere
and ping pong back and forth and those conditions are tough to trade
from a macro view (much better for scalping).

Anyway look at this : Just a clean naked chart, well almost...
Sometimes that's better for looking at something this far out.

Anyone see what i see with u/cad??
Very good chance to go up from 1.08 sl 1.0735

1.08 still bouncing. I'm long off a 4hr and 2 1hr Pinbars. hoping this can be a trade to run for a logn while !

I can't remember the last time I saw an UP 1H candle this long. I'm still long on this pair, and in the red, but my added long at 1.0644 is helping bring down my average.

What's the short term/long term prediction on this pair? Is oil still the only reason for a strong CAD, coupled with a globally weak USD?

Looks like a lot of stops are getting blown.

I think its a combination of SLs being blown and quite a few 'tightened up' TPs. Maybe we're gonna bounce on this pair? Although I'm long, pairity has always been my worst case scenario. The only reason I don't see it is 'cause our economy up here is sh*t, regardless of what the Canadian news tells you. It's summer time, and the minority government wants to look good for the fall session. Fresh manure and rose-coloured glasses for everyone.