Trade view /
24 May 2016 at 15:11 GMT
The rapid fading of the Canadian dollar's recent oil-driven rally combined with a resurgent US dollar on the back of a blast of Fed hawkishness prompted us on Friday to set up a long USDCAD position
pointing to an objective zone between 1.3300 and 1.3350.
Management and risk description
We are now closing this position for slightly better than breakeven as we don’t like the price action and the massively risk-on stance in the market that could suddenly favour commodity currencies if the Bank of Canada proves complacent/non-dovish at its meeting tomorrow.
— Edited by John Acher
Non-independent investment research disclaimer applies. Read more