Canadian Dollar Cross Pick 03.19.10
After attempting to go long the USD/CAD at 1.0223 on a corrective retracement, the position got stopped about as the exchange rate slipped below the 3/12 low of 1.0154. However, I ended up shorting two-lots at 1.0116 following the unexpected rise in Canada’s core CPI, and one of my positions closed at 1.0069 as the pair slipped to a fresh yearly low of 1.0056. As a result, I still have my other position with an open target as the dollar-loonie looks poised to test parity (1.0000), but have pulled down the stop to cost at 1.0116.
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