USDCAD long trade for 2020
Updated
Being short the CAD will be a bias for me for 2020. Almost all major central banks had a dovish stance in 2019 with the exception of BOC.
Now the data has started to worsen, big miss on employment weaker retail sales and lower gdp, some of the reason i would like to try to be short before the next BOC rate decision and hopefully try to pre empt the move. Now the question is which pair, for me the usd is a little complicated if the fed arent cutting Trump is complaining so i feel USDCAD would be a tough trade. However, we are now at a decent level here on the USDCAD 1.2960 and i don't mind being in a small trade and adding in to the trade at key levels.
AUD AND NZD VS THE CAD (probably nzdcad is the best option ) this is where i want to be. The antipodean's have been been beaten down pretty much all of 2019, the story goes they both have 1 cut left and thats it. So my trade would be to buy the aud and kiwi on dips vs the CAD. Also remember trade rhetoric etc has improved so this should help AUD and in turn the NZD.
Now the data has started to worsen, big miss on employment weaker retail sales and lower gdp, some of the reason i would like to try to be short before the next BOC rate decision and hopefully try to pre empt the move. Now the question is which pair, for me the usd is a little complicated if the fed arent cutting Trump is complaining so i feel USDCAD would be a tough trade. However, we are now at a decent level here on the USDCAD 1.2960 and i don't mind being in a small trade and adding in to the trade at key levels.
AUD AND NZD VS THE CAD (probably nzdcad is the best option ) this is where i want to be. The antipodean's have been been beaten down pretty much all of 2019, the story goes they both have 1 cut left and thats it. So my trade would be to buy the aud and kiwi on dips vs the CAD. Also remember trade rhetoric etc has improved so this should help AUD and in turn the NZD.
Trade closed: target reached
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