Volcker Rule + China rate/reserve requirement hikes + Greece => risk aversion => strong USD/CAD rally => squeeze of my EUR/CAD shorts as EUR/USD sell-off has not kept pace with the USD/CAD up move.- USD/CAD taken back into the old 1.04/1.07 range. Might consider squaring short USD/CAD if we get back towards bottom of this old range and leave naked short EUR/USD. But EUR/CAD chart still looks good for bears. So perhaps not. We'll see. Temptation to 2nd guess and be too clever is to be avoided. Best to trade the cross as per its chart.
- Panic only if EUR/CAD takes out 1.5179.
- USD/CAD daily chart looks toppish around 1.07.
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