Monday, October 06, 2008

Canadian Dollar Update



Today the Canadian Dollar is down well over 2% and has just made a 16 month low! As you know I've been bearish on this currency and actually went short 5 trading days ago. I just exited half of my short position just moments ago as this has been a very large move in just a few days. I'll use a tight trailing stop for the remainder of the position to lock in profits.

For those of you who are curious as to why I went short this currency, you can read my original post "Potential Trade In The Canadian Dollar" which I posted on September 28th. They don't always work out this well, but when they do work you've got to be thankful and take some profits while you have them.

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