News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Looking to sell a failure in USD/CAD

Looking to sell a failure in USD/CAD

Kristian Kerr, Sr. Currency Strategist

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.

DISCLOSURES