USD/CAD trade for Tues

Discussion in 'Forex' started by K@pita!, May 30, 2011.

  1. K@pita!


    There is the new (or same) Canadian interest rate coming out Tues):

    CAD Interest Rate decision has been forecast at 1% and was 1% for the last three times. It is now forecast at 1 again. All three times USD/CAD has risen. They started with a 1-3 min head fake going down some before going up everytime. I'm gonna place a buy limit order a few pips under the price just before the news, unless the chart is screaming not too. Look at DX for a clue. USD/CAD is in an uptrend on the daily and has been consolidating sideways for 5 days. Looks poised for another upswing. Oil heading down into the news release would be good confirmation to see.

  2. Are you sure this call was for Tuesday?
  3. K@pita!


  4. Wow...USD/CAD is really tanking before the news event...

    What a set up if it works

    Good trading to you folks..

  5. K@pita!


    Looks like it will be testing daily trendline support. Looks like there might be some support that started in late '07 as well.

    I'm thinking very short term on this one, dollar's looking weak.
  6. Do you think that support from the year 2007 is valid? There surely are not traders carrying that long?...maybe it is just for illustration purposes and the lines look good?...

    anyways...this could be an incredible trade.


  7. K@pita!


    I think it is valid. Actually, I think we are under that support and we bumped our heads on it on the 24th and 25th.

    You wanna talk about some long term support holding, check out the USD/CHF on the monthly, wow. I can't use my good charts with log scaling right now, but it looks like we are right at support on USD/CHF. Might see a nice bounce there.
  8. Well the charts do not lie...

    Good trading....

  9. I took the opposite side of this thread and this is how I decided to play the USDCAD.
  10. K@pita!


    good call on those sells
    #10     Jun 1, 2011