Loonie: I go LONG, but thinking about CPI tomorrow.
Commodity currencies today reacted differently vs EUR , JPY , and GBP, Loonie, Kiwi, Aussie appreciated vs greenback, I am finding a reason to explain it.
Greenback is coming back, that is a FACT.
The reason according to my thought, investors have no replacement asset to buy currently on greenback and US Equity have chance to rally : US economy is still better than orthers, so the best case is BUY AMERICA.
Back to Loonie, I go LONG cause of weak data, BOC dovishness, but I am not sure about Canada CPI tomorrow.
If data is negative, absolutely USDCAD rallies and vice versa.
But the problem is I don't think CPI could be negative. I think data would be positive.
it's so headache right now.
UDSCAD now stops at Kumo cloud and Kijun Sen : A strong resistance, that why we see USDCAD is fighting to break this level.
RSI indicator : currently 49, need above 50 to confrim uptrend. Resistance of RSI was broken, more room to rally to overbought zone
However, to choose a position, I still choose LONG.
Greenback is coming back, that is a FACT.
The reason according to my thought, investors have no replacement asset to buy currently on greenback and US Equity have chance to rally : US economy is still better than orthers, so the best case is BUY AMERICA.
Back to Loonie, I go LONG cause of weak data, BOC dovishness, but I am not sure about Canada CPI tomorrow.
If data is negative, absolutely USDCAD rallies and vice versa.
But the problem is I don't think CPI could be negative. I think data would be positive.
it's so headache right now.
UDSCAD now stops at Kumo cloud and Kijun Sen : A strong resistance, that why we see USDCAD is fighting to break this level.
RSI indicator : currently 49, need above 50 to confrim uptrend. Resistance of RSI was broken, more room to rally to overbought zone
However, to choose a position, I still choose LONG.