Canadian Dollar Makes a 3 Month High
The Canadian Dollar moved above last month's high making a 3 month high today.
I've been bullish on this currency since February. My reasons for being bullish were cyclical and based on how the commercial traders were positioned. Cycles do work but you have to combine them with other trading tools and you will be surprised how often you can spot turning points way before they even happen. You can read my original post on the Canadian dollar here.
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8 comments:
Thanks for your continued comments on CAD. You've made me realize that I have had a large default position since that's the currency I keep my cash in, and you've inspired me to manage it like any other position. Forex is a new vehicle for me and I turn to your blog for insights regularly. A new favourite.
you're welcome tyro
Hi Kevin,
What do you think of the Canadian tax law change a few months ago? Thanks!
I don't know much about Canada's taxes or laws...Sorry
How long do you see this current rally going for in the cdn dollar ?
Hi Tasko487,
I really don't know how much longer the c-dollar will rally. It's been moving higher for 8 weeks so far. I'm just going to trail my stop and let this currency do what it is going to do.
Hi Kevin,
any thoughts where one could enter now in a CAD Position. Looks a bit overbought now. Maybe your trailing stop gives a hint at what you would think is a normal correction in an intact up trend and what is the end of that trend.
Thanks for your work,
Carsten
Hi cbaer,
I'd wait for the canadian dollar to retrace at leat one third of the current advance before I'd buy it. Too much risk right here to buy at these levels.
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