Rocketman
Long

USDCAD: Re-Entered long...

FX:USDCAD   U.S. Dollar/Canadian Dollar
197 3 7
I was stopped out by 80 pips, but I decided to give it a second go based on an 8 hour chart. support is still in tact, and I don't want to miss the big move tomorrow.

Also this aligns together with the fundamental direction: USD is strong (long-term; but mixed short-term) and CAD is weak (long-term and short-term).

Risk:
(1) As long as I trade USDCAD             , oil             shocks will always be a problem. I like to avoid USDCAD             all together most of the time, but I will give it a second attempt.
(2) After a 2 year fight, Opec came to an agreement. Maybe the worse is over. Market alrready priced in the oil             news. It will be nice to see US News stay bullish as well going forward.

Comment: I entertain the thought that the USD still can move up together with US Oil. Or will Opec upset us again in November?

This pair has been acting naughty today.

Canada's GDP report will be an important catalyst to boost my fundamental view in a bullish dollar and a weak Canadian currency.

If not, then, I will abandon this trade before Friday's end.
Comment:
snapshot
Comment: The Canadian data did not confirm last weeks previous data. So, I am preparing to close this position until further clarification.
Comment: I have conflicting data for the Cad...so, I moved my stop to break-even.
Comment: move stop to break-even or get out.
snapshot

move stop to break-even or get out.
monthly is looking pretty bullish, about to pop and thinking up is the direction.
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Great analysis Rocketman
Reply
USDCAD picks 1 direction per week so far we have a bearish reaction that means UCAD should continue bearish until next week or the week after then flip to bullish
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