simonsays452

USDCAD on hold until oil resolved

FX:USDCAD   U.S. Dollar / Canadian Dollar
89 0 1

Oil's bearish trendline has done a good job at keeping a lid on any buying impulses recently. Yesterday, we saw a strong rejection at this resistance. Overnight and this morning, we're seeing some consolidation right below the $31 level. We could see a bullish breach when pit trading opens at 9am. Today is an oil             futures options expiration day. These are typically bullish days for crude. $30 puts expiring at 2:30pm have massive open interest @ 13.3k contracts. I find it unlikely to think dealers won't be strongly supporting the front month contract above that $30 level. We can't see subsequent weakness in CAD with a bounce higher in oil             . I would take some profit here and wait for resolution with oil             today before adding to a long position.
Trade closed: target reached: Overnight, we saw USDCAD trade through stops all the way up to and beyond our target of 1.4500. My closing order was filled. I re-entered and see even further room to the upside. Will post a new idea with the next target.
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