Discussion in 'Forex Trading' started by Bonpara, Aug 1, 2007.
Nice double top on the 60min chart here. time to load up on the shorts?
Maybe will not be a bad trade... But we never know!
I like the recent action on this one. On friday, considering what a beating usd took against the other currencies it held up very well. I expect a move on the long side this week. First target today or tomorrow of 1.0640 is a high probability. Next target 1.0770.
http://charts.dacharts.com/2007-09-09/2007-09-09 20-36 USD_CAD+ 180.png
http://charts.dacharts.com/2007-09-09/2007-09-09 20-36 USD_CAD+ D.png
I also like the idea of a run to the 1.0580 - 1.0640 area. Although longer term as long as it's trading below 1.1167 looks more likely to me to eventually see 1.0260. Should it get back inside the bottom of the range at 1.1013 without making the lower target first then it should run hard to the up side.
http://charts.dacharts.com/2007-09-09/2007-09-09 20-35 USD_CAD+ M.png
Let's hope for an upside breakout. Looking good as the favourable unemployment news in Canada didn't garner much of a reaction relative to the bad news from the states.
I also wonder if we might have a flight to quality trade if the equity markets are very weak tomorrow. Possibly a very large move into U.S. t-bonds driven by panic buying?
At this rate we'll hit parity by Friday. Haha!
That sure didn't work out. It's good to trade with stops. Doh!
This move is severely overdone (what else is new).
Maybe we are headed to parity....?????
Be thankful it was just 1 trade. I live in Canada and trade the American markets, so obviously all my trading capital and profits are in USD. I am stuck in this train wreck. There are many others also stuck dealing with this bleeding POS.
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