SteveTobin

USDCAD short approaching resistane

FX:USDCAD   U.S. Dollar/Canadian Dollar
40 2 3
The USCAD trade highlighted last week is now nicely in the money, it is approaching its first resistance point which coincides with the FOMC meeting so could be decisive. Momentum indicators Contiue to look good so I am holding short
its will bounce back up , lets see what FOMC and housing data will bring us
Reply
Thanks form writting, we can never be certain what will happen how ever I agree that resistance usually holds. I don't think housing data could have a meaningful impact, the FOMC is a different matter. I expect a status que type statement, data since them last FOMC has not been USD positive but it has not been negative enough to make them go dovish. Expect a bout of volatility followed by trend resumption
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