Given the pressure from a weak Canadian (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 head and shoulder's pattern.
We just need USD data to keep coming out 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.
per day, up by 2.7% from the same period last year." http://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.
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