Welcome to my blog! I am HappyPip, lady trader of the Commodity Dollars or "ComDolls!" We will look at price action of the Australian Dollar, New Zealand Dollar, and the Canadian Dollar, as well as their respective economies, and how commodities prices may affect their long term movements. Put on a "happy face" and come join me, won't ya! :)
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!
