I'm creating this thread to test my prediction skills specifically in the USD/CAD forex market. I'm quite confident in my abilities, so if you listen to my advice, you're likely to get filthy rich... Prediction #1: We're effectively seeing the CAD bottoming out at 0.75USD. From here the CAD will strengthen to top @ 0.79USD in the next 1-3 months. Keep on checking back to this thread for prediction updates. (Disclosure, I currently don't have any FX positions open though I do have some USD solely to trade in US stocks and not to profit from the FX --- and why would I profit holding USD when it's at the intermediate top as of now?)
I am 100% positive the CAD has bottomed out! It won't go lower than ~0.75USD. Will retrace back to 0.79USD. (P.S.: There is no secret sauce, if you read the news on Google Finance when you type in CADUSD, they're essentially saying the same thing, but retracing back to 0.78USD rather than my predicted 0.79USD. Google Finance is one source where I derive my predictions)
A little additional info. I created this thread to debunk the following statement: "No matter how smart you are and what you think you know, nobody can predict rates." That is 100% false... If you trade on the larger time scale. I can't predict the forex market two years out, but I am confident I am dead accurate in the short term 1-3 months time frame! Also, you can tell right away I am ego driven --- by the need to be right, which is also the secondary reason I created the thread!
Okay, here's the game plan... I'm going to sit on my butt and wait... waiting... waiting... Media says slide below $0.75CAD, I say bulls. I'm going to sit on my but and stalk this currency pair (USD/CAD) day in and out, and when it hits $0.79CAD I'll go long the USD with a stop at $0.80CAD you bast3rd forex market!
Booya! If anyone is trading is currency pairs, there's still plenty of time to pick it up at 0.75CAD exactly. Technical reasons dictate it can't take off from this price right away.