Charts show price compression on the Loonie-Yen (CAD/JPY). The pair will likely stay in the range until the Canadian Jobs number and U.S. Non-farm payrolls data are released on Friday morning.
There is strong resistance at the 85.00 level. The bias is for a bullish breakout to the upside as the USD/CAD has broken out of its triangle formation to the downside.
And here is the USD/CAD chart:
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Your humble blogger has a post up at the Stocktwits FX Blog.
Check it out! Euromesia: Decoupling is mainstream, again.
The post talks about the recent Euro-US dollar rally.
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Leverage is pretty popular in the currency trading world. Regulations typically allow traders to leverage themselves up to 50:1 or 100:1. Sometimes, there are online brokers that allow accounts to reach 400:1. In general, these capabilities only work to make you lose money as traders stack up on leverage and wipe out their accounts, fast.
When I first started trading FX, I had my fair share of $25 and $50 dollar deposits. Overall, $50 would become $150, but only to [...] Continue Reading…
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The decision day for the Canadian Dollar is almost here. On Tuesday (UPDATE: 9:00 AM Eastern time), the Bank of Canada will release its interest rate decision. The consensus is that the BoC will increase its key interest rate for the second consecutive time from 0.50% to 0.75%. The historical rates can been seen in the graph below:
Click on image for full-size
Last week, we looked at some possible ass-kicking trades in the Canadian Dollar. On the USD/CAD daily chart, [...] Continue Reading…
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The Canadian economy is doing some serious ass-kicking. It even reminds me of President Obama (see extremely hilarious video below):
As a result of this ass-kicking, the Canadian Dollar is being Chuck Norris-like and gaining across the board. The latest catalyst contributing to the appreciation of the Canadian Dollar was Canada’s jobs report. According to Statistics Canada, employment increased by 93,000 in June, following gains of 24,700 in May and April’s record 108,700. The unemployment rate, which was expected to [...] Continue Reading…
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