I published a short entry on the Dollar/Looney back on August 28th. Price action dipped below and closed beneath my sell zone. However, I closed that position with a small profit as price action retraced back up to 1.32 area. I kept my chart as is, with my sell zone still in tact, mostly because I am still on a short bias.
Sentiment is intriguing at the moment as retail speculators are net long, but the last Canadian Dollar CoT report indicates that dealer intermediaries have been buying since the week of August 28th, and last week were BUYING INTO A RALLY. The fact that retail traders are net long and that dealers have been buying contracts over the last two weeks, suggest that the USDCAD could push lower. For now, I am in SHORT from 09.18 @1.30441 with a pretty sizable target 1 @1.25635. This pair has been complicated lately, so we'll just have to wait and see.
Sentiment is intriguing at the moment as retail speculators are net long, but the last Canadian Dollar CoT report indicates that dealer intermediaries have been buying since the week of August 28th, and last week were BUYING INTO A RALLY. The fact that retail traders are net long and that dealers have been buying contracts over the last two weeks, suggest that the USDCAD could push lower. For now, I am in SHORT from 09.18 @1.30441 with a pretty sizable target 1 @1.25635. This pair has been complicated lately, so we'll just have to wait and see.
