Trade Closed: 2008-04-09 11:11
Blah! Even with oil rallying above 110.00, it looks like we took a hit as USD/CAD continued to rise, in an uncorrelated move relative to the rest of the majors.
Total: -125 pips
We are seeing resistance in this pair at 1.0200 at the moment. This level also happens to be th e 61% Fib retracement level of the downward swing from 1.0325 to 1.0020.
So, we took a small hit, but we will continue to watch the pair and look for new opportunities.
Trade Idea: 2008-04-07 10:40
Hello Everyone! Welcome to another wonderful week in the Forex markets! With prices consolidating after much volatility last week, I see a resistance play forming in USD/CAD.
On the chart, we saw the strong move lower as the US Dollar weakened after the disappointing US jobs data. The pair broke below a minor resistance area highlighted on the chart, and has since been unable to stay above, even after this morning’s disappointing Building Permits data out of Canada.
So, it seems sellers are in control of 1.0100 for now, and with oil and commodities climbing higher once again and projected to continue higher, I would like to short at that minor resistance level.
Short at market (1.0095), stop at 1.0220, pt1 at 1.0000, pt2 at .9800
Remember to never risk more than 1% of your account on any single trade. Please adjust position sizes accordingly.
Stay tuned for updates and good luck!