Planning for Friday Selling USDCAD
I have already posted my US Dollar bullish option for tomorrow which is based on good US data and an increase in trade war noise. I think that is the most likely outcome but as always in trading, we should look at the best alternative. If the US data is not better than expected and the trade wars do not get going then I like the idea of selling the USDCAD.
The technical situation depends on a break of the orange trendline that would suggest the cycle of dollar strength is at an end, the BoC has sounded very bullish of late and I am interested in buying the CAD generally as a result. At the same time as the US releases the NFP data Canada will release its unemployment data giving the opportunity for good Cad news and bad US news, this would be a great time to sell USDCAD, Canada will also benefit if the trade war tension falls as that may well give oil a boost as the global economy is likely to benefit.
So here is plan B, you can see plan A by following the link below.
If the US wage data is less than 2.8%, Canadian unemployment data is below 5.8% and either the US or China back away from imposing tariffs I will sell the USDCAD risking 2% of equity looking for a significant swing trade.
The technical situation depends on a break of the orange trendline that would suggest the cycle of dollar strength is at an end, the BoC has sounded very bullish of late and I am interested in buying the CAD generally as a result. At the same time as the US releases the NFP data Canada will release its unemployment data giving the opportunity for good Cad news and bad US news, this would be a great time to sell USDCAD, Canada will also benefit if the trade war tension falls as that may well give oil a boost as the global economy is likely to benefit.
So here is plan B, you can see plan A by following the link below.
If the US wage data is less than 2.8%, Canadian unemployment data is below 5.8% and either the US or China back away from imposing tariffs I will sell the USDCAD risking 2% of equity looking for a significant swing trade.
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