Did anyone see the Canadian $ today?

dgorgan

Newbie
3 0
Hi All,

I just discovered this wonderful community a few days ago and I think it's great. I've hardly been able to do anything else since!

I'm wondering if anyone has any opinions about the happenings in the CAD. The bank of Canada yesterday announced a widely expected quarter bp rate drop but that didn't really make any waves until today or overnight.

I have attached a chart I hope you can see it. Does anyone have any thoughts :?:

DG
 

Attachments

  • $cad 3-3-04.bmp
    467.5 KB · Views: 255

rossored

Senior member
2,105 56
looks like a bit more upside to me - into early 75's - but then what do I know.

you'll find images attach much better if you upload them as .gif or .jpg btw.

RR
 

Buk

Established member
615 6
Hi dgorgan..... :D don't really trade it, but I'm sure one or two of the helpful folk on here will point ya in the right direction! Nickerson has a trade or two on Cad, hasn't been around today, but he might be your man for some guidance on it.....quick glance, it looks to be retesting prior resistance....the daily frame shows a steady climb with trendline supp hitting 3290, as Rosso say's looks to be room on the upside, see how it reacts at this juncture (& trend supp).....
 

options

Senior member
2,374 218
I'd be inclined to short it. But then again I don't trade it and don't know how the beast behaves. Seems a bit erratic.

What time frame chart is it?
 

nickerson334

Active member
156 2
Thanks Buk, I'll check it out.

I'm not best qualified to speculate on 300+ tick movements as I only trade 150 - 200 max. . Just an objective opinion on Euro that's all.
 

TWI

Senior member
2,532 253
Yeah, seems to have failed at the 1.3400 resist for the 4th time. Interesting as I bought the break up on USDCAD and USDJPY, already stopped out of the CAD but look at that USDJPY go.
I think it is hard to get bullish dollar for any reason.
Was considering merits of a long Gold/Silver short Dollar Index trade. Really a loss of confidence in Fiat currency trade.
 

Buk

Established member
615 6
looks a very 'skittish' beast as Options said, plenty of decent each way movement on it though by the looks.....should have taken a closer spy of that pair by the looks of things, and followed initial reluctance to hike up thru resistance!....hmmm, might be worth putting it in the kit bag.....you trade it much twalker???

look fwd to your run down on this pair David!!...... :D
 

TWI

Senior member
2,532 253
I have looked at CAD for a long time now and taken bites here and there out of the move. I originally looked at it about 18 months ago when it seemed to be one of the best currencies to get long of against the dollar. The stats look better for Canada as it does not have the huge trade deficit or consumer credit problems of the US and still maintains a good industrial base. Just looked like a good bet as many of the variables that effect transatlantic or pacific relationships are not a factor. Anyway, like I say I traded it pretty poorly really and so only took out a few hundred points. Thought the break out on Wed was a good bet to take the first dollar long but was wrong. Ultimately I do not see the dollar coming back much but was stuck for a trade that would really fully capitalise on the next dollar collapse. I have been reading a lot of things over the past couple of years about manipulation of the precious metal markets and when you look at the OI in Silver it seems fairly obvious that there are some monster commercial shorts in there. The OI is bigger than all the silver in the World.
Maybe this is something which could be traded in conjunction with the dollar as when the dollar takes the next big smack money will likely flow into the precious metals again.
 

Buk

Established member
615 6
interesting comments.....the storm clouds are more than gathering that's for sure, 'the money gone wild' syndrome & Fed money pumping is pushing things to bustin point, so I guess investors are lookin at anything they can lay their hands on for a safe haven!.....Greenspan can't stem the tide forever, and the bubble aint far from popping.....fun & games ahead for all concerned!!!
 
 
AdBlock Detected

We get it, advertisements are annoying!

But it's thanks to our sponsors that access to Trade2Win remains free for all. By viewing our ads you help us pay our bills, so please support the site and disable your AdBlocker.

I've Disabled AdBlock