jolicoeur342
Short

USDCAD - SELL THE BREAKOUT

FX:USDCAD   U.S. Dollar/Canadian Dollar
704 2 12
Important part in this trade is to wait the BO !!!
Comment: Trade is active!
snapshot
No.shorts..rate hike is coming. Look Long. Look at the mthly chart and see where the last rate hike was year 2015 USD CAD is acting very bullish in pass three 3 days.
Reply
ACStocks SonyBee
@SonyBee - Rate hike is still 2 meetings away. It is extremely unlikely that the fed hikes rates a week before the election, and because speculation over a December rate hike is so high right now, even the slightest bit of dovishness in their statement could send this pair down real fast. CAD GDP is also out early next week and a surprise to the upside will send the pair down quite quickly as well. And with U.S. election in focus right now, this actually is not a bad idea to consider in the near term.

Now is probably not the best time to enter long this pair, daily charts are also looking like we may be at a temporary top (have a look at the days leading up to the May 2nd low on this pair and compare). If you don't feel comfortable shorting this pair in the coming days then you might want to play a bit of wait and see over the next week or so and look for more profitable opportunities to enter long again as this pair will almost certainly take a turn back up heading into end of November / early December.

Of course, I could be completely wrong about all of this, so use your own judgement and best of luck. Happy trading :)
+5 Reply
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