Short term
Trade view / 09 May 2014 at 12:53 GMT

Hopes of a Loonie rally foiled by weak labour report

FX Consultant / IFXA Ltd
Canada shed 28,900 jobs vs. an expected gain of 12,000 which has crushed this trade idea. The original idea (Loonie may rally on strong labour report) anticipated that the recent string of above-consensus data releases would translate into a better than expected Canadian employment report. That was clearly not the case. Close the position at market (currently 1.0885) and re-evaluate.

Original Parameters

Entry: Sell USDCAD at market (currently 1.0890).

Stop: 1.0940.

Target: 1.0770.

Time horizon: One week.

— Edited by Clare MacCarthy

Non-independent investment research
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John Shaw John  Shaw
So much for the green shoots of the recovery Mike. LOL The only Green Shoots we have down here in London \ St. Thomas is the grass coming in the cracks of the empty factory parking lots.

I was surprised at the jobs number. Way way way off....... but I don't put too much stock in these figures but it sure popped the USD by about 70 pips in a heartbeat.
Michael O'Neill Michael O'Neill
You are right about the data. Even the auditor general was complaining about the accuracy. Idon't think that the CAD rally is over, just delayed.
John Shaw John  Shaw
1.0838 -1.0850 is where it will land at 17:00 today. Have a great weekend bud!! Enjoy the sunshine finally.
Michael O'Neill Michael O'Neill
You to,John. It looks like you are reading my mind as well. I like USDCAD lower
Raymondscott Raymondscott
This comment has been redacted


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