Trading the CAD pullback
Updated
=> This week we have BoC on deck with a widely anticipated rate hike. The sales and consumer prints last week came in softer than anticipated and we see this as a great valuation driven pullback.
=> Here we are targeting the recent highs with stops at the lows. From a technical point of view we can see the early longs had their stops run on the data pullback.
=> For the longer term Canada remains in great shape, with almost completely free trade by the end of the decade on track.
=> From a capital flow perspective, funds have been hesitant to get long CAD via oil. The aim here is we are isolating the oil risk via an inline/neutral Norges Bank.
=> Best of luck to all those trading BoC this week.
=> Here we are targeting the recent highs with stops at the lows. From a technical point of view we can see the early longs had their stops run on the data pullback.
=> For the longer term Canada remains in great shape, with almost completely free trade by the end of the decade on track.
=> From a capital flow perspective, funds have been hesitant to get long CAD via oil. The aim here is we are isolating the oil risk via an inline/neutral Norges Bank.
=> Best of luck to all those trading BoC this week.
Trade closed: target reached
Clean and simple ride...
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