Sforex
Long

Loonie: I go LONG, but thinking about CPI tomorrow.

FX:USDCAD   U.S. Dollar/Canadian Dollar
150 1 3
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.
ChatchaiVong
a year ago
thank so much.
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