Most USD pairs have reversed their losses but USDCAD is still sinking
I’m buying into this drop in USDCAD. Two reasons. USD is bouncing back after the market sees that the NFP report isn’t that bad, if you take boith Sep & Oct together and chuck in hurricane or three. The CAD jobs data is jumpy as a box of frogs and in no way changes what the the rest of the data has been telling us, that the BOC is facing some worsening economic numbers all round.
Once again CAD has been very volatile as it gets a double whammy of bad US jobs data and good Canadian jobs data. That’s a move I’m happy to buy into and I’ll build some small longs the lower it goes. This report doesn’t wipe out everything else we’ve seen recently from Canada and it doesn’t mean the BOC is going to hike at its next meeting. The next bad number and CAD will sell off again. Plus, we have a Fed hike to throw into the mix, and we know how the dollar likes to go bid into an FOMC.
I’m in at 1.2748 and will look to pick a bit more up down near 1.2700. I’ll be happy to take this down to 1.2600, with an initial stop under 1.2570.
USDCAD daily chart
Philosophy: “Don’t be a Dick for a tick”
Read how Ryan got into trading here
- The last NFP competition of 2022 - December 1, 2022
- Will this month’s US NFP be a horror show? - October 4, 2022
- US NFP competition – Do you think there’s going to be a turn in the US jobs market? - August 31, 2022
One of his good friends called the bottom (so far) at 1.2715
I can’t think who that is 🙂
You Guruuu
You got the fib K 🙂
a little birdy tells me you’re long .
Can’t hide anything from your top notch spying gear
I’m in for a bit of fun too , but keeping it tight through ISM data . Initial stop under the fib support , add if the number is better , Try it again low 1.26 with a stop under 1.2590
.https://uploads.disquscdn.com/images/4e219dd2c357101aa83d1b044959a44248117f646c596d33ab7e84654a59ef23.png
Very Nice….Ryan Littlestone Aussie Broke 0.7700 At it was most important level recently..and now coming all the way down….Should we put trust to these 0.700 0.7800 0.7900 levels ??
Hi Ali.
It looks like the old 0.7725/30 area is the nearest big resistance but after that, yes. 0.7800 and 0.7875/80-0.7900 are good looking levels.