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I have been recommending USD/CAD shorts at ForexLive for the past month based on the break of the wedge from September to mid-January.
The trade worked wonderfully at first, quickly falling from the 1.0150 entry point to below parity.Last Monday, Feb 20, the decline looked like the start of another leg down but the pair [...]
I’m torn about USD/CAD.
For months, I’ve been looking to buy any weakness in the pair but the daily chart has broken a ‘wedge’ pattern to the downside.
My base case if for a rally to 1.12 around mid-year but I won’t fight the technicals.
It’s time to take a step back [...]
Someone out there sure likes these things.
The bad news has been almost relentless since August but the euro continues to hang in there. At 1.33, EUR/USD iss down almost 10 cents in that time but that’s not bad considering the existential crisis pounding away at the bulls. Moreover, EUR/USD is holding above the 2010 [...]
Every day we spin the wheel. Pick one of the PIIGS and pick one of the four following problems: banks, bonds, politics, ratings.
One day it’s Greece and politics, the next it’s Italy and bonds. The news is never positive; just bad or good enough to spark a short squeeze.
I’m generally a trend-following trader [...]
Greek Prime Minister Papandreou had a Halloween surprise for markets on Monday as he announced a referendum on the EU bailout deal. The move was completely unexpected and could throw Greece (and Europe) into chaos. The euro dropped almost 100 pips as the news hit.
The Greek public will decide whether or not to accept the [...]
So far USD/JPY has shot to 79.48 from a low of 75.57 and the pair looks like it will push higher after the Ministry of Finance chomps through another set of sell orders around 79.20. Officials may take aim at 80.00 but based on the comments out of Japan, a Swiss-like peg doesn’t sound likely.
What also [...]
The news was bang on consensus. The EFSF, bank capital and the Greek haircut were all in line with what everyone was expecting yet markets have reacted as if hit by a bolt of lightening.
To some extent, I get it. I was evidently one among many who thought European leaders wouldn’t be able to [...]
I have been on the sidelines and lacking conviction for the past two weeks.
First, I was expecting the US economy to fall harder and faster. More importantly, the Merkozy ‘promise to deliver a plan’ on Oct. 10 generated a 500 pip rally that left me scratching my
The headline risk surrounding this Sunday’s [...]
If you would have asked me what my favourite trade was at the start of September, I would have answered, without hesitation, “Long USD/CAD”.
So why didn’t I trade the pair as it rose 750 pips in the month? It was an experience in frustration as I stayed too patient and missed several opportunities. On [...]
Entered AUD/CAD long at 1.0248 on 12 Aug added on Aug 15 at 1.0295. Exited 23 Aug (+147 pips) at 1.0395 and 30 Aug (+164 pips) at 1.0459. Result: +311 pips.
Entered with a stop at 1.01 and a target of 1.05. Greatest open loss: 80 pips Greatest open gain: [...]
Live EUR/USD Chart
