Long and short of those pairs interior their current zones (hedging trading) could be profitable by holding the long to the upper levels and to hold the short to the lower levels of their "interdays" or weekly and monthly levels. However, those pairs will not break their upper ceilings and lower ceilings for USDCAD .
I long and short on USDCAD , NZDUSD , AUDUSD , EURUSD and GBPUSD for capital accumulation.
The LONG on JPY-pegged pairs, the SHORT on EUR-pegged pairs and the SHORT and LONG on major pairs (excluding USDJPY and USDCHF ) result the portfolios to be "mutually hedged and re-hedged" by their "interior their target zones" to allow the trading operation to be managed at "highly leverage ratios" up to 80x to look for higher return (in commercial operation).
Many Fed officials suggested that it was not yet clear what adjustments to the target range for the federal funds rate may be appropriate later this year, minutes of the January meeting showed. Policymakers also noted that some risks to the downside had increased and pledged to end reductions to its balance sheet before the end of 2019.
Almost all participants thought that it would be desirable to announce before too long a plan to stop reducing the Federal Reserve's asset holdings later this year.
Participants noted that some risks to the downside had increased, including the possibilities of a sharper-than-expected slowdown in global economic growth, particularly in China and Europe, a rapid waning of fiscal policy stimulus, or a further tightening of financial market conditions. An increase in some foreign and domestic government policy uncertainties, including those associated with Brexit, an escalation in international trade policy tensions, and the potential for additional extended federal government shutdowns were also cited as downside risks.
Many participants suggested that it was not yet clear what adjustments to the target range for the federal funds rate may be appropriate later this year; several of these participants argued that rate increases might prove necessary only if inflation outcomes were higher than in their baseline outlook. Several other participants indicated that, if the economy evolved as they expected, they would view it as appropriate to raise the target range for the federal funds rate later this year.
No sign of unwinding by the carry traders yet, but pauses may take sometime before resuming to carry. This will result the resuming of major pairs to downward ( NZDUSD , AUDUSD , GBPUSD , EURUSD ) and to upward ( USDCAD ) as their interest rate differentials' price trends. However at mixed performance of price fluctuation.
GBP-pegged pairs could be in harmony on pressuring the positive interest rate differential pairs ( GBPCHF , GBPJPY and GBPEUR ) to downward (note EURGBP to upward) and supportive to pressure the negative interest rate differential pairs ( GBPUSD , GBPNZD , GBPAUD and GBPCAD ) to downward. Thus, at current market environment, the GBP-pairs in play.
The current measured target zone for EURUSD is 1.1800-1.0800 and by interest rate differential the pair is underway from the 1.1800 to 1.0800, however the current carrying on EUR by theh CHF and the JPY will depend the weakening of EUR to USD and to put this pair to sideways interior the current monthly bands/ceilings. This environment is good for high frequency buy for profit and sell for profit. Using hedging trading approach, risk is limited and overnigh rollover fees to off-set the overnight rollover charges.