- Have plotted CAD/USD here instead of the usual USD/CAD.
- Long CAD is (?) one of the most crowded Risk On trades around, and is thus my favored early vehicle for expressing the possibility of a USD bottom. [Clearly gold is the most crowded of them all but shorting Gold is too scary a prospect].
- Monthly : Uptrend line and significant previous top nearby, coinciding at around 1.0069, vs current level at 1.0134. Expect the support point to be tested soon.
- Weekly : Double top around 1.0600 (= USD/CAD double bottom at 0.94). Neckline currently being tested.
- Daily : Bear flag. Downside price action should intensify once we break 1.0117 (ie USD/CAD break 0.9884 on the upside).
- Whichever way I look at it, these charts all favor being short CAD/long USD rather than other way round.
- Trade : Was early buying USD/CAD in tiny at 0.9890. But still in, and awaiting next signal for market to prove me right and then, will increase trade size.
1 comment:
Added to long USD/CAD at 0.9884
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