I am still long, 3 progressively increasing scale-ins by now. As so often the case (!), leaving an existing order (1.12) intact would have been the slightly better thing to do, entry price-wise. Given my moderate sizing, combined with my having the best month ever, by far (up 45.6%), since managing OPM for nearly a year, CAD would have to strengthen against USD a lot more before I begin to feel serious heat. A sufficient retracement to exit at a modest profit is highly likely before then. Also, I've been long CAD/JPY (a historically strong proxy for the price of crude oil, of course) at larger size than normal for the last week. That has been providing a nice hedge, offsetting a portion of the drawdown from the long USD/CAD position. As long as you believe than we'll see $85+ oil sooner than we might've thought just a few weeks ago, CAD/JPY is still a longer-term buy at these levels, with really attractive risk/reward and positive carry to boot.
Market touched USD/CAD levels not seen since 1978 today. How unbelievable is that? I still cannot believe this mayhem.
The lower it goes, the better the correction will be, and believe me, there will be a correction Ivan, what do you think will have to happen in order for this pair to stop it's massive decline? Seem's nothing right now can stop it. -Kastro
I went long as well, .1130. I haven't been in this pair for a while, but after seeing the change of heart in EUR/USD, a correction in CAD isn't far away.
So how have you been, young man? I come back after 4 months away from this forum and instantly like the above quote from you. Deptrai