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Looking to sell a failure in USD/CAD

Looking to sell a failure in USD/CAD

Kristian Kerr, Sr. Currency Strategist

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Not much to say about the cable short. The retracement was a bit too aggressive for my liking and I stopped out of the remainder of the position for profit on the close above 1.5245. The overall structure still looks negative to me, but I am waiting for better levels to initiate another short. Focus at the moment remains on USD/CAD. A confluence of timing here suggests the exchange rate is vulnerable to a turn in the days ahead. A failure over the next few days somewhere around 1.3460 – 1.3500 followed by a clear change in behavior (i.e. break of support) would signal to me that a turn of some importance is developing. Continued strength after the first part of next week would invalidate the potential negative timing.

Remaining short position (1/2 original) in GBP/USD stopped out for profit on close above 1.5245.

The holiday in the US is forcing me to be cautious/creative on a potential short entry in USD/CAD. As such, I am looking to sell USD/CAD on a close below 1.3460 after a daily close above 1.3460 with a stop over 1.3510 (closing basis).

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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