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by Ashraf Laidi
Posted: Jun 15, 2009 12:47
Comments: 98
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This thread was started in response to the Hot-Chart:

CADJPY's Next Target

 
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chartvuze
salisbury, UK
Posted Anonymously
15 years ago
Jul 31, 2009 11:05

Hi

Ashraf

Whats your view on CADJPY short term Im short

regards
Ashraf Laidi
London, UK
Posts: 0
15 years ago
Jul 31, 2009 9:31
Jack, sorry missed yoru question. Yesterday's oil bounce seen caped at 71.

Gun, just wait for the US GDP but the intensity of the USDCAD move will laso be driven by CANADIAN GDP. Technically, i see the consolidation paving way for a bottom in USDCAD, which is inline with the looming bottom in VIX at 23.

Ashraf
Gunjack
London, UK
Posts: 1184
15 years ago
Jul 31, 2009 9:19
Hi Ashraf - Was hoping to get your views on USDCAD.... the mkt seems to have been consolidating between 1.08-1.09. I feel any break of the double bottom at 1.0784 ( poss caused by +ve advanced gdp today ) could see a break and further strengthing of CAD...hence better to short. On the flip side we could see canadian CB intervention to prevent further strengthning in CAD...therfore better to wait and then go long

Can I ask what in your considered opinion do you think to be the more likely scenario.

Thx
Gunjack
Steven Blyth
London, UK
Posts: 148
15 years ago
Jul 28, 2009 16:19
@Dima. Thanks for that. Additionally the Canadian economy is heavily exposed to the US.
forextrader
vologda, Russia
Posts: 127
15 years ago
Jul 28, 2009 16:16
Hello Steve
Trader use to buy the Canadian dollar because it is link to the oil price.

But following this morning comment from The CEO of BP which he mentioned that he cant see a big demand for oil and growth any time soon and his expectation of oil prise to be around 60 dollar for the next 3 years. ((CAD negative))

I see the USD/CAD around 1.15 in the next 5 weeks.

Dima
JackD
United States
Posted Anonymously
15 years ago
Jul 28, 2009 16:10
Dear Ashraf,

What do your buddy the oil specialist think about oil breaking the 66.45 support level today?

BTW, good going Forextrader!

-Jack
Steven Blyth
London, UK
Posts: 148
15 years ago
Jul 28, 2009 15:59
Yes thanks Forextrader Im playing that also. Dema what is your time horizon on USD/CAD?.

Steven
Gunjack
London, UK
Posts: 1184
15 years ago
Jul 28, 2009 15:49
@forextrader nice call on the USDCAD long upto 1.085 now
forextrader
vologda, Russia
Posts: 127
15 years ago
Jul 28, 2009 12:39
Hello
It is all about the risk to reward ratio,, I entered the market risking 60 pips for a possible 700 pip which means 1:11 risk/reward ratio.
The USD is over sold technically against the CAD, RSI in the 4 hours chart is conversing up wards, add to this that the stock market is overbought and it is also due for correction. Which is a dollar positive.

By the way I moved my stop loss to break even now.

Dima
JackD
United States
Posted Anonymously
15 years ago
Jul 28, 2009 12:20
Dear Forextrader,

Could you please explain to me your reasons to go long USDCAD at this point? In other words, why are you wanting to catch a falling knife?

Curious and wanting to learn,

Jack
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