workingtraders
Short

$EURCAD - Larger trend down #Greece bundling signals alarms

FX:EURCAD   Euro Fx/Canadian Dollar
187 5 2
We are looking for OPEC to set the tone for strength of WTI

Highlights of the May 2015 Canadian Ivey PMI data.

65.2 vs 55.7 prior

This is a big beat.

This moves CAD into Neutral Stance. We need to see some positive OPEC outcomes in OIL             demands as CAD is following WTI to support this trade.

Greece pushes out IMF payment. Even if payment is eventually made. Rally looks like it will be capped.

The bundling to me sent alarm bells. This is truly the first time payment of bills             are being skipped.

Who knows if they will even make the payment at end of month.

Surely 200-300 pip retracement is due.

SteveTobin PRO
2 years ago
I like this train of thought and it supports continuation of the identified channel. With important CAD data due today (employment) the PMI data could be overshadowed. I also wonder if the Greek issues aren't already priced in, I actually think that they have been overdone and when things are finally resolved it will not be as bad as people have feared. Oil and OPEC is a conundrum
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IvanLabrie PRO
2 years ago
I think we will see a tighter range before a new move up here.
Cad has been weak despite oil being relatively supported.
The chart tells me this is the beginning of a huge rally.
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IvanLabrie PRO IvanLabrie
2 years ago
Take the low from 2012, and the move up before your channel-contained, grinding decline.
Compare that swift uptrend vs this slow and painful correction...Now we got a swift move up again, while not going below the 2012 low.
Uptrend continuation, long term, in my opinion.
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workingtraders
2 years ago
Closed first trade for 200 pips. Looking to re-enter
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IvanLabrie PRO workingtraders
2 years ago
Excellent run!
Tomorrow and Wednesday will be interesting.
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