Short USD/CAD - Trade Closed
Trade Closed: 2007-09-19 21:45
Our trade was closed out prematurely as USD/CAD experienced whipsaw action after the slightly disappointing inflation data for the Loonie...
It was a bit of bad luck as the pair dropped all the way back down near our entry order after volatility settled down.
Total: -75 pips
I am still short bias on the pair and look to build a short position as I expect the Canadian dollar to reach parity with the US dollar.
Greetings! Today's trade is pretty simple - run with the trend! The Loonie has been on a tear against the Dollar, and we'll probably see a further drop after today's Fed cut of 50 basis points!
On top of that, we have see that oil, on of Canada's biggest exports, is trading over $80 a barrel today, adding to the Loonie's appeal.
So, we will short USD/CAD at market (1.0105) with a wide stop, and wait to see if the Canadian Dollar can reach parity with the Greenback.
We do have a CPI data from both the US and Canada later today, which may help push our trade further.
Short USD/CAD at market (1.0105), stop at 1.0180, pt1 at 1.0050, pt2 at 1.0000
Remember to never risk more than 1% of your account on any single trade. Please adjust position sizes accordingly!
Good luck my friends!
Related Posts:
- USD/CAD - Trade Closed 10:47 07 January 2008
- Short USD/CAD - Trade Closed 19:15 18 May 2007
- USD/CAD 09:12 07 May 2008
- Long USD/CAD - Close Open Orders 10:59 04 December 2007
- USD/CAD - Close Open Orders 14:16 05 March 2008
Archived Comments (2)
Forex Blog: Playing with ComDolls
The trade was triggered, so are we seeing a retracement at the moment? Were you stopped out of your trade at 0500 EDT 09/18? and would you reenter the trade?
HappyPip,
It whipsawed on me too but I am still in the fight. My s/l is at 1.0180 but when it whipsawed I only went to 1.0175. I guess I got lucky :)