Trade view /
09 September 2016 at 13:30 GMT
The original trade view
expected USDCAD to rebound toward the top of its recent range which is what has happened. The break above resistance at 1.2970 set the stage for the rally occurred despite a bullish looking large draw down in crude oil stocks as reported by the EIA.
USDCAD also rallied even though Canadian employment data was modestly better than expected. Taken together, these two events suggest that additional upside above 1.3050 may get sticky.
Close the position at the current market 1.3010 and book a profit of 0.0114 points.
Note the original position was 1/2 the usual size. The second order was not filled. The trade was updated this morning. It recommended raising the stop loss and taking profit on ½ of the existing position at 1.2938 for an average rate on the balance of 1.2896.
Entry: buy ½ USDCAD at market (1.2910), balance at 1.2860.
: five days.
— Edited by Clare MacCarthy
Non-independent investment research disclaimer applies. Read more