USDCAD is all over the place
I’m not afraid to admit that this pair has me stumped. It’s up and down on risk, it’s up and down on the trade war and NAFTA stuff, it’s up and down on Poloz, who’s up and down on the hawkish/dovish rhetoric, it’s up and down on oil, when it feels like it.
Well, as we say in trading, when the fundamentals look messy, stick to the techs.
The techs say sell against the upper trendline. It now also says sell up to the 1.3380 highs or put stops from the trendline just above there (but you could perhaps push the boat out to encapture the big figure at 1.34).
It also says longs might be good down near 1.3260 but will then says longs will be wrong if 1.3260 breaks.
If the news or reasons why a market is moving is confusing you then stick to what’s simple. There’s two levels you can trade at here with tight stops and low risk. Why worry about the why’s and wherefores? That’s exactly what some of the folks have done in our trading room today and they’re being rewarded by this move.