Day trade
Trade view / 24 May 2016 at 22:32 GMT

UPDATE: FOMC unleashes the loonie bears

FX Consultant / IFXA Ltd

The original Trade Idea was based on the expectation that USDCAD would accelerate toward the 1.3300 level on the back of renewed hawkish Fed sentiment and bullish technicals. The break of resistance in the 1.3030-60 area suggested a more rapid increase to the 1.3300 level, especially as the most recent Commitment of Traders report indicated that the spec market was long Canadian dollars.

But it didn't quite work that way. USDCAD hit a wall in the 1.3180-90 area and the rally stalled.

It is still a good idea, but USDCAD may need to consolidate the recent gains before the rally can resume. In addition, if Wednesday's Energy Information Administration oil stocks report confirms Tuesday's API drawdown, then USDCAD may sink further.

Today, the stop loss was raised to 1.3120, which was triggered, resulting in no gain or loss on the trade.

Note: the final 1/3 order was not filled.

Original Parameters:

buy 1/3 position of USDCAD at market (currently 1.3140), again at 1.31, balance 1.3050.

Stop: 1.2985 offered.


Time horizon: five days.

— Edited by Robert Ryan

Non-independent investment research disclaimer applies. Read more
25 May
John Shaw John  Shaw
USDCAD seems to be in a bit of a funk these days Mike. Dog days of summer are almost upon us too.


The Saxo Bank Group entities each provide execution-only service and access to permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on or as a result of the use of the Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. When trading through your contracting Saxo Bank Group entity will be the counterparty to any trading entered into by you. does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of ourtrading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws. Please read our disclaimers:
- Notification on Non-Independent Invetment Research
- Full disclaimer

Check your inbox for a mail from us to fully activate your profile. No mail? Have us re-send your verification mail