Short USD/CAD here

Discussion in 'Forex' started by The Kin2, Aug 15, 2007.

  1. It's currently in a decent recovery but with this recent potential for Hurricanes in the GOM, it's gonna fall and fast as the Canadian dollar is oil based.
  2. 1.0734
  3. It just broke out of a 2 month channel and is attempting a major trend reversal. Two higher probability trades were buying at the midpoint of that channel (1.0500), or buying on the break of that down channel earlier today at 1.0670.

    Shorting here may be worthwhile for a retrace to the 1.0620 breakout zone, but probabilities favor long side trades at this point. It just cleared the 13-week EMA for the first time since early March.
  4. I got stopped and hard. :( nevermind.
  5. The important thing is you had (and kept) a stop order. I wouldn't short this dollar strength just yet, but there will be dollar shorting opportunities down the road for sure.
  6. una11


    Carry trade unwind, hedgies in panic mode