A short term move against a longer-term play
If you're inclined to take calculated shots against what looks to be a strong longer-term move, then I've got a chart for you. USD/CAD is oversold according to the RSI on every time frame from 15m up to the Daily. There's bullish convergence here on the daily chart as well. Also, it seems the pair just broke a weak range to the bottom. I like shorting the pair after some buyer's remorse/profit taking/consolidation.
But, because of how over stretched the pair is, and on the back of supposedly stronger housing data tomorrow at 10 AM EST, 1.0725 seems as good a spot as any to take a "long shot."
EDIT: It still hasn't hit the stop but it's flirting with it. We'll see what happens. 5:57 PM 6/25/2014
1.07250
Stop: 1.07000 (25 pips)
Profit: 1.08000 (75 pips)
But, because of how over stretched the pair is, and on the back of supposedly stronger housing data tomorrow at 10 AM EST, 1.0725 seems as good a spot as any to take a "long shot."
EDIT: It still hasn't hit the stop but it's flirting with it. We'll see what happens. 5:57 PM 6/25/2014
1.07250
Stop: 1.07000 (25 pips)
Profit: 1.08000 (75 pips)
כתב ויתור
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