LONG USD/CAD
@ 1.3474
SL @ 1.3274
NOT FILLED SO CANCELLED
- Today we had an agreement from OPEC for the first time since 2008, and CAD also released a positive deviation data on GDP m/m; things were looking good. However, WTI did not close high above $50, and the OPEC meeting not only did not produce enough confident, a lot of skeptics over the effective of the implementation of OPEC members. This was also the reason WTI was not able to closed above $50. Meanwhile, USD had another great job datas, inflation datas and now the fundamental and sentimental future of USD are just solid and strong. I want to enter this trade because even though we had the OPEC positive sentiment, the positive CAD GDP and oil is denominated by USD so a surge oil price should pressure USD - however, we actually had a stronger USD versus CAD with beautiful bullish kangaroo tail. It just shows how strong USD actually is, and the 9% - 10% surge into WTI today actually give it more possibility to drop as profit taking because traders don’t even have enough confident to begin with in the oil market.
- The catalyst was the OPEC meeting, CAD GBP M/M & USD ADP non-farm employment data
- We’re very close to near term resistance which is one of the risk we have, but in the longer chart we’re still far away from upside.
- The risk is near term resistance, continuation of bullish sentiment into oil market, the Friday’s non-farm payroll and CAD employment data, the profit taking of USD
- I’ll mange it with daily chart but move my SL to BE or tighten it up prior to NFP
- Yes because i have enough faith in my analysis, however, i’ll tighten the SL perhaps in Hourly after i get filled.
LONG USD/CAD
@ 1.3474
SL @ 1.3274
NOT FILLED SO CANCELLED