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USD/CAD Demand Zone Holds Up

Posted on June 10, 2009 at 21:09 in Trading Desk by Ryan O'Keefe

Howdy Folks!

I hope your having a great trading week! Tonight I’m revisiting our Loonie setup from yesterday. The pair held demand between $1.0950 and $1.0920 moving nicely up the 1-2-3 reversal channel we talked about last night. CAD trade data came in worse than expected growing their trade gap and leaving the Loonie vulnerable to a round of fundamental punches from Dollar tomorrow. Retail sales data and unemployment figures are due in the morning, if the data shows positive signs of the “strong recovery” the pundits have been pitching we may see further gains tomorrow with nothing but risk and oil to drag Dollar down on this pair.There is some interesting price action taking place on the U.S. Dollar Index suggesting at least for the short term Dollar may find some buyers across the board.

Here are today’s charts…

USD/CAD Four Hour

U.S. Dollar Index (Courtesy of NetDania.com)

Best of luck,

Ryan

IMPORTANT NOTICE: These comments are for information purposes only. My opinions or other information contained in this post do not constitute investment advice. It should not be understood as a direct recommendation to buy or sell any currency contract or other investment vehicle. Forex trading involves substantial risk of loss and is not suitable for all investors.

2 Responses to “USD/CAD Demand Zone Holds Up”

on 10 Jun 2009 at 9:23 pm1Christian

Hi Ryan,

It took me a while to figure the Loonie out even tho I have some in my pocket all the time. This article nails it quite well.

http://crooksblog.sovereignsociety.com/2009/06/dollar-horrors-loonie-tunes-when-to-buy-the-loonie-and-dump-your-dollars.html

Best,
C.
on 10 Jun 2009 at 9:58 pm2Ryan O'Keefe

Hi Christian!

Nice article, thanks for the link. I’m sticking with the short term Dollar long theory for now. I could be totally wrong on this but just going on price action / supply and demand I like the technical setup. If I had an arch enemy this currency pair would be it so why I’m a posting what could be a beat down on my analysis to FX Street? Good question.

Ryan

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