Cross-Eyeing EUR/CAD – Close Open Orders

Close Open Orders: 2008-04-21 13:40

Well, we’ve waited a bit on this trade idea, but it looks like the pair won’t hit our short entry at 1.6210 any time soon. It’s a new week, so I’ve decided to close our open orders to short and look for the next trade opportunity. No trade.

Trade Idea: 2008-04-17 15:10

crosseyed chart

I’d like to take another look at EUR/CAD once again as it may be approaching a nice short opportunity as prices consolidate.

Our chart is simple today as we can see prices consolidate – we are seeing lower highs and higher lows. Volatility may continue to dwindle for the rest of the session, possibly until tomorrow morning’s US session as the Canadian Wholesale sales and Leading Indicators data may push the markets around temporarily.

I also I think high oil prices, hitting nearly $115 a barrel yesterday, will continue to support the Loonie in the short term.

So, without any major events on the horizon, I expect technical levels to hold for the time being. We will short at the top of the declining trendline and target the rising trendline at the bottom.

Short EUR/CAD at 1.6210, stop at 1.6290, pt1 at 1.6130, pt2 at 1.6000

Remember to never risk more than 1% of your account on any single trade. Adjust position sizes accordingly.

Good luck and stay tuned for updates!