USDCAD Daily

[leithtec]

Sept 13/07 8:00 a.m EST
This USDCAD move to the downside is slowly nearing saturation with obligation being fulfilled at the 1.0306 level. Extremes beyond this would be 30 pips below to the 1.0276 level. I'm currently long at 1.0344 (I tend to get in early on most moves once it comes within 30 pips of a significant low - more of a swing trading style really). I will hold this position through any accumulation (sideways activity) over the next few days (should there be any) because I'm always anticipating that initial reaction to the upside just to see how high she bounces back up (I've calculated 1.0364). My stop loss order is set at 1.0273. I realize that a 70 pip spread is extreme, but once the low close comes in at 1.0306 or higher and she starts to move back up, I will be adding to this position above my initial entry of 1.0344 and trailing my stop up of course. Ya, I know, it's difficult to be a buyer when the Market is still dropping, but somebody has to do it.

[elang]

Originally Posted by leithtec

Ya, I know, it's difficult to be a buyer when the Market is still dropping, but somebody has to do it.

I hear ya! lol

I'm was in at 1.0352

Guess that makes two of us

Regards,
E. Lang

[ForexNinja]

A very risky trade since oil is breaking new highs, something that favors the loonie. Also we're in the "quiet before the storm". The storm being the FOMC meeting next Tuesday.

But if you're right you could win big. The loonie is pretty strong right now but how much more is the big question and just how much is Canada's economy tied to the US economy??