USDCAD: Decided to go long with an 80 pip stop
USDCAD: Decided to go long with an 80 pip stop toward the wekly resistance area.
Given the pressure from a weak Canadian central bank (evidenced in the CAD CPI last week..so terrible!) and a potentially reawakening US Dollar dragon- hopefully this week in the GDP and in Yellen's continued comforting statements in maintaining her hawkish stance (hopefully for December, I speculate) - I entered long USD and shorted the CAD. I did not get in earlier because I wasn't unsure with oil. This could be the birth of a new fundamental trend to break that weekly USDCAD chart that expresses a bearish head and shoulder's pattern.
We just need USD data to keep coming out bullish an the CAD data this week in their Canadian Friday GDP to support this trade and come out NEGATIVE.
This is the quickess that I could check things and publish this one. I don't it is too late to enter...because this is a big time frame.
80 pip stop.
Given the pressure from a weak Canadian central bank (evidenced in the CAD CPI last week..so terrible!) and a potentially reawakening US Dollar dragon- hopefully this week in the GDP and in Yellen's continued comforting statements in maintaining her hawkish stance (hopefully for December, I speculate) - I entered long USD and shorted the CAD. I did not get in earlier because I wasn't unsure with oil. This could be the birth of a new fundamental trend to break that weekly USDCAD chart that expresses a bearish head and shoulder's pattern.
We just need USD data to keep coming out bullish an the CAD data this week in their Canadian Friday GDP to support this trade and come out NEGATIVE.
This is the quickess that I could check things and publish this one. I don't it is too late to enter...because this is a big time frame.
80 pip stop.
Comment:
Comment:
EIA report tday helped push USDCAD up, but need another fuel for the fire up: "Total products supplied over the last four-week period averaged over 20.0 million barrels
per day, up by 2.7% from the same period last year." ir.eia.gov/wpsr/wpsrsummary.pdf
The next catalyst comes tomorrow, Thursday, September 29th:
(1) US Final GDP q/q are forecasted to come out up 1.3%.
(2) Unemployment claims are forecasted to come out higher at about 260K.
I normally predict the data myself, but I will just wait and see this time, and manage the trades and watch the news.
RISK: OPEC Agreement today can send USDCAD flying down.
per day, up by 2.7% from the same period last year." ir.eia.gov/wpsr/wpsrsummary.pdf
The next catalyst comes tomorrow, Thursday, September 29th:
(1) US Final GDP q/q are forecasted to come out up 1.3%.
(2) Unemployment claims are forecasted to come out higher at about 260K.
I normally predict the data myself, but I will just wait and see this time, and manage the trades and watch the news.
RISK: OPEC Agreement today can send USDCAD flying down.
Trade closed: stop reached:
Opec agrees to cap production at 32.5 million bpd My internet died out for several hours. Luckily I had that stop. :)
Comment:
If they did not agree, then it would have went up. I highlighted the risk of this trade. It was a 50/50 win or lose. I lost. No technical analysis would have told you whether Opec would have made and agreement or not because technical analysis cannot predict or anticipate the future. It just looks at the past. This is why I look at fundamental analysis to guide me. I was wrong here.
Comment:
Update: "Opec finally reached a consensus after TWO years." - TF Sqwauk
Trade active:
Hmmm... this is actual a better price. I re-entered on. My stop is below the previous 8 hour low:
Comment:
Capturing the swings of the stock market & currency market. It's a dirty job and equity/currency traders must do it.