2009
USD-CAD Trade Taken!
Posted by Yours Truly in Forex TradesI’m back after a long while after that huge meltdown and the euphoric rise of the USD as a global safe haven. I’m going to be changing up my strategy and aiming at focusing on the pair that I am most interested in and affects me on a day to day basis.
That pair is the USD-CAD.
This pair is a relatively safe pair. Appreciation means the USD is gaining in economic strength and/or the majority is scared and going back to their safe haven. Depreciating would like mainly on oil prices as there is a large correlation between oil prices and this pair as Canada is a huge net exporter of oil and is commonly referred to as the Petro Currency.
Here’s my current long trade:
I’m aiming for a long term uptrend being that I see the USD gain in strength in the next little while as their economy recovers. I’m aiming at the 1.1100 area which would represent a +249 pip from the current level.
Stay tuned!
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