Just a comment, being short the USD/CAD from 1.27 - if the US dollar index is due to retrace from the trillions of money being printed in thin air - wouldn't that be one reason to look at this as a short trade?
Also, commodities have been bottoming for the last few months - a big retrace due to commence, and as the CAD is a commodity currency like the AUS, you'd see that as favorable to also be short this trade.
Anything long the USD is a risky trade considering that the CAD is one of the six currencies that are linked to the USD index.
My thoughts only, but it certainly looks that on the USD index this is the fourth attempt to try and pierce up through the 88 odd mark - someone doesn't want it any higher, so tight stops required if you're long anything USD.
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