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USD/CAD: Hitting & Testing
Sat, Oct 20 2007, 12:04 GMT
by Mihai Nichisoiu
In my letter to clients of Thursday, I considered:
'In spite of the price of oil having soared today, and the EUR/USD having achieved a new all-time record high, the USD/CAD hasn't yet descended to new lows.
Regardless, I continue to believe that seeing brand new, multi-decade lows in the USD/CAD remains just a matter of when, not if.'
Confident that the market would soon collapse again under its own weight - in yesterday's early European transacting time I opened a brand new, yet this time larger short position, at market at 0.9730. For in the immediate afterwards of the September Canadian inflation data release, the USD/CAD indeed crashed down through the round 0.97 level.
I also keep intact the previously opened shorts as they were disclosed in my 'Current Standings' titled FXstreet.com notes of October 11th. A far greater deal of caution will be leading my market observations from now on, though.
Published on Sat, Oct 20 2007, 12:17 GMT
Archive
- September 15, 2008
Published On Mon, Sep 15 2008, 14:16 GMT - September 11, 2008
Published On Thu, Sep 11 2008, 09:18 GMT - September 8, 2008
Published On Mon, Sep 8 2008, 14:59 GMT - September 2, 2008
Published On Tue, Sep 2 2008, 11:46 GMT - August 28, 2008
Published On Thu, Aug 28 2008, 21:39 GMT
Mihai Nichisoiu
| Bucharest, Romania
http://www.mihainichisoiu.com | mihainichisoiu@gmail.com
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