Trade Idea: 2007-11-13 22:10
Hello everyone! It looks like we have a chance to get back into the super down trend in USD/CAD.
We’ve seen global risk aversion for the past few days, but it looks like traders have gotten over that as US equities rally along with higher yielding currencies.
On the chart, the pair bounced off of the 240 MA’s and it looks like Greenback selling may resume. Stochastics are trending lower as well, so hopefully we can catch some momentum in this move.
Fundamentally, we do have US PPI tomorrow along with Canadian Leading Indicators data, so we may see a bit of whipsaw action tomorrow. Please be cautious during this time.
Short USD/CAD at .9500, stop at .9600, pt1 at .9400, pt2 at .9300
Please remember to never risk more than 1% of your account on any single trade. Adjust position sizes accordingly.
Stay tuned for updates and trade adjustments. Good luck my friends!