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Clive Lambert - FuturesTechs
Clive Lambert of FuturesTechs explains why he is trading USDJPY. He plans to buy a break above 112.21 - 112.34 with a 50 tick stop. His targets are 113.42 and 114.50. Clive Lambert explains the background to a selected trade every Friday on Trading Floor.
Day trade
Trade view / 04 August 2016 at 12:06 GMT

UPDATE: BoE bursts GBPCAD balloon

FX Trade Strategist / www.Loonieviews.net
Canada
Instrument: GBPCAD
Price target:
Market price:
Background
The original trade idea hoped that the Bank of England would deliver a package like they did today. The trade worked despite very weak technical justification for the position.

The trade was predicated on the belief that Mark Carney would follow through on some of his comments that he made, post Brexit and largely because the GBPCAD range from early July was still intact.

The trade was updated after today's BoE statement and recommended closing the position at 1.7220 for a gain of 0.320 points.

Note:  The sell order at 1.7590 was not filled.

Original Parameters

Sell ½ GBPCAD at market (currently 1.7540) balance at 1.7590

Stop: 1.7630

Target: 1.7030

Time horizon: 3 days

— Edited by Clemens Bomsdorf

Non-independent investment research disclaimer applies. Read more
04 August
fxtime fxtime
Nice :-)
04 August
Estuardorlemus Estuardorlemus
Very good one ;)
04 August
yuiyui yuiyui
Hi Michael, and it's looking like the impetus for renewed bearish U$. Do think so?
04 August
yuiyui yuiyui
*Do you think so?
04 August
Michael O'Neill Michael O'Neill
A lot depends on how tomorrows NFP comes out. A surprise to the upside, say another print above 200k will kick off new rate hike talk. The US is higher against EUR and GBP, and USDCAD is chasing oil moves. So, in a nutshell, I'm not convinced of anything.. The dollar is still rangebound
04 August
yuiyui yuiyui
hmm, i see, thanks for your thoughts
04 August
yuiyui yuiyui
the idea is that in spite of good numbers, the fed would have to take into account all this central bank easing and is becoming more and more open about being sensitive about dollar strength
04 August
yuiyui yuiyui
and the election
04 August
yuiyui yuiyui
so nothing until december and that means too far in the future so hence no rate hike
04 August
yuiyui yuiyui
sort of, kind of
04 August
Michael O'Neill Michael O'Neill
I agree with you. Today's Boe stimulus, last weeks BoJ action and their concerns about slowing growth provide the Fed with a ready made excuse to sit back.
05 August
yuiyui yuiyui
scrap that theory....nfp too high
05 August
yuiyui yuiyui
almost broke my losing streak there....lol
05 August
yuiyui yuiyui
Ivey purchasing (S.A @ 57) is that worth anyting?
05 August
Michael O'Neill Michael O'Neill
I usually don't pay much attention to it even though it occasionally causes a USDCAD reaction. A Chief Economist where I used to work never liked the data series and told me it wasn't worth much.
05 August
yuiyui yuiyui
thanks, i'm going long USDCAD now
05 August
yuiyui yuiyui
the jobs thing is so bad with 74000 full time jobs lost...
05 August
Michael O'Neill Michael O'Neill
Take that with a grain of salt. Last year, at this time, the report had to be recalled.
05 August
yuiyui yuiyui
hmmm

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