Loonie ... the infamous USD/CAD

Discussion in 'Forex' started by usdoutlaw, Feb 22, 2007.

  1. I am starting a Thread about the LOONEY (I dont know how to spell it) :confused:

    I am thinking of posting my ideas and posting my live trades and postng my trade ideas

    I hope that readers of this Thread will also chip in their thoughts and ideas as well:D
  2. FEB 22 2007 ...

    have 10 lots CAD/USD long from avg 1.1600
    looking to settle at a retracement of 1.1700
    stop out around 1.1560
    will buy on dips

    (1) the recent sell off was fueled by better than expected econ data out of Canada, however no one is sure that the data is valid because the GDP and inflation data do not seem to make sense ... hoping for a revised inflation number because the GDP (if I remember correctly) was weak

    (2) there seems to be a temporary floor at 1.1590 but there is a ceiling around 1.1630

    (3) PNB Paribas still thinks its a good play to buy dips in the CAD/USD based on interest rate valuation
  3. FEB 22 2007 ... cont

    also I am long 7 lots USD/JPY avg price 121.00
    looking to try to make one big figure and of course the carry trade

    lots of resistance around 121.50 on the upside
  4. Please tell us a little about yourself...10 lots!!???standard lots?? you must have been trading a long time. who's your broker? spread?
    best wishes!
  5. Yeah standards, I am sitting pretty for a dollar rally which seems poised to happen right now ... and the way this contract moves I am either in a good spot or a whole world of hurt.

    A little about myself:

    I use to trade the level 2 box then I got into forex and stopped about a year and a half ago because I got ripped by the USD/CAD before the new year (something about lifting the mad cow disease ban on canadian beef and some genius who buys 5 million future cattle contracts from a Canadian distributor) -- this happened a few days after the USD/CAD hit a bottom around 1.1100 and sky rocketed about 4 big figures

    But now I am back.

    The shop I use to trade nick named me looney because all I would do is make large plays in the USD/CAD ... its very lucrative if you can average in a few days before an economic number and wait for your spots
  6. oh yeah my broker is GFSbroker (I can't stand FXCM)
  7. thoams


    I really am pleased that so many other people can't stand FXCM. Good luck, not that you need it.
  8. usd, you are trading 1M units with 3 wide? I suggest you run to a broker that offers CurreneX. Usually you can negotiate for lower fees if you bring size.

    The Ever Questioning VIPER
  9. fwiw, we spell it 'Loonie'.

    Good luck!
  10. Feb 23 2007

    Phew, what a dollar sell off, I guess it was coming??? :confused: :confused:
    it couldn't be from IRAN tensions ... could it :confused:

    closed USD/CAD
    open avg 1.1600
    close avg 1.1603

    closed USD/JPY
    open avg 121.00
    close avg 121.42

    Maybe people are just selling dollar

    any way looking to reposition for another dollar long early next week ... hey it will be cheaper
    #10     Feb 23, 2007