Day trade
Trade view / 29 December 2015 at 2:57 GMT

UPDATE: Opportunity didn't knock for loonie bears

FX Trade Strategist / www.Loonieviews.net
Canada
Instrument: USDCAD
Price target:
Market price:
Background

The original Trade Idea expected that the mix of weak Canadian data, strong US data and low oil prices plus the proximity to 1.4000, would launch USDCAD higher.

That didn't happen. The Canadian data did its part. GDP and retail sales were weak. The US data was mixed but oil played the spoiler and it played that role well.

A steep drop in US crude supplies reported on December 24 boosted WTI prices. USDCAD traders who were around sold the currency pair and triggered the stop for a loss of  0.0054 points.

Original trade idea parameters

Entry:  buy ½ position of USDCAD at market (currently 1.3905); balance at 1.3860.

Stop: 1.3630.

Target: 1.4020.

Time horizon: December 30, 2015.

— Edited by Gayle Bryant

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Non-independent investment research disclaimer applies. Read more
3y
Vladlen Golubtsov Vladlen Golubtsov
It is boldly Michael!))
3y
Hisham Boulos Hisham Boulos
Hello Mike, the USDCAD didn't hit the 1.3630 stop sorry am not clear on your statement can you please explain? The lowest it went to was 1.38220 or around there .. your stop in the position reads 1.3630
have I missed something? Crude is at 36.90
3y
kom75 kom75
Hello Hisham, if you check a chart, you'll see correct SL at 1.383, which was hit
3y
Michael O'Neill Michael O'Neill
Hi Hisham: I am sorry. 1.3630 was a typo. I meant 1.3830. I am sorry for any confusion.
3y
Vladlen Golubtsov Vladlen Golubtsov
Chances are!

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