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11-02-2007, 06:42 AM
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In a way, I can't believe I didn't do the sensible thing and buy CAD on the test of the underside of the previous channel ... crazy really. It's the reason why I took last week off, I was seeing bottoms everywhere .. erm, you know what I mean ... anyway, it's already starting to creep back in to view again.
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11-02-2007, 06:47 AM
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Long at .9364 so now the sweating starts ...
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11-02-2007, 06:55 AM
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Here is a chart of the bearish channel in the USDCAD that dates to Oct. 23
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11-02-2007, 07:09 AM
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Senior Member
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Quote:
Originally Posted by Black.day
Long at .9364 so now the sweating starts ...
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I will be running shortly! 
BTW, USDCAD looks more like inversely correlated to GBPUSD, any expert here would like to draw a chart on that? If that is right, CAD might go to $0.92 when GBP hits past $2.1;
my CAD $0.02  |
11-02-2007, 07:22 AM
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hi mates what better to do by us$ or wait?
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11-02-2007, 07:25 AM
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I pulled up the USDCAD versus USDGBP. It looks like a correlation built on dollar weakness, but the USDCAD is pretty unique in that it will often diverge from the other majors.
Will we get a divergence at these levels? If we do, I want to know which will go in favor of the greenback because that retracement could be crazy.
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11-02-2007, 09:13 AM
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I'm out here -3.3 having sat through everything it doesn't feel right at all.
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11-02-2007, 09:15 AM
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If you squint a little bit you can see long-term channel support on the USDCAD at the moment. But man, who's brave enough to buy this thing right now?
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11-02-2007, 09:16 AM
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Quote:
Originally Posted by David Rodriguez
If you squint a little bit you can see long-term channel support on the USDCAD at the moment. But man, who's brave enough to buy this thing right now?
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You 
We will cheer you on! |
11-02-2007, 09:22 AM
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Expanding on my friend David's chart analysis..
USDCAD at bottom of channel
Weekly RSI at 15
The red and blue dots that you see on this chart represent 8 consecutive down months (red) or up months (blue). This is RARE....if I were to go back and show the chart from the early 70's, you would see that nearly every time this happens, the USDCAD forms an important bottom. I am buying here...stops under 89 (a bit long term for some here perhaps)
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11-02-2007, 09:26 AM
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I am buying! Huuuuuuuooooooohar RRUUUUUUUUUUUUUUUUR !!
No risk no reward! I am going long until we are back to 1.18 at least!
Logic: US and Canada are strongly tied in economy. Sooner or later whatever happens to US must affect Canada and these two currencies must behave in parallel, similar to NZD and AUD.
Ok, not highly rational, but hey bulls have a limited capacity brain. :P
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11-02-2007, 09:26 AM
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Join Date: Sep 2007
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Quote:
Originally Posted by Jamie Saettele
Expanding on my friend David's chart analysis..
USDCAD at bottom of channel
Weekly RSI at 15
The red and blue dots that you see on this chart represent 8 consecutive down months (red) or up months (blue). This is RARE....if I were to go back and show the chart from the early 70's, you would see that nearly every time this happens, the USDCAD forms an important bottom. I am buying here...stops under 89 (a bit long term for some here perhaps)
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Jamie, you are buying Usd/Cad here? |
11-02-2007, 09:43 AM
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I like the panic drop after the news release as well as the fact that it is the first of the month. Big tops and bottoms often occur during the first week of the month. You could probably say that I am rationalizing catching a falling knife...which I probably am, but isnt trading all about acting on your opinion?
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11-02-2007, 09:54 AM
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Well it's just so irresistible AtlantaFX. I'm hopping back in here at .9361 so it's out with the antiperspirant once again.
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11-02-2007, 10:00 AM
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Every once in a while a trader will get sucked in to a trade that looks great value but if this were maritime then sirens song may lead to the rocks but I'm rather hoping for some Loonie indigestion around about here.
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