USD/CAD is moving lower, presently at 1.0390 from early 1.0425 amidst reports of model funds selling. Maybe the hedge funds in question are following the Solange model.
4 Responses to “This one’s for Solange”
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AUTOREFRESH 
Hi darling,
I was just thinking about you, too!
With that kind of opening line, I suppose I should say something more serious.
Okay; here’s what I think is going to happen next: at 14:00 GMT, today, the Bank of Canada will change their language tonight (but not their overnight loan ratenumber) and become slightly “more hawkish” about inflation: http://www.businessweek.com/news/2010-03-02/canada-may-keep-lending-rate-at-0-25-signal-coming-increases.html
This, in turn, will cause the CAD to bust a move “downward”, with the current levels/targets about to spring into being. And, yes, almost “everyone” is selling, as far as I can see.
Current pivot point = 1.0411
Support level #1 = 1.0381
Break of 1.0369 means that next downside target is 1.0205/23
Thks for excellent input Solange, much appreciated. Sorry didn’t get back to you yesterday. got overwhelmed by a sterling crisis. As i remember, you’ve been strongly bearish cable for while, well done on that too.
Darling,
For someone so ancient, you have an excellent memory. (Could it be that you are younger than me, but then so many years have flown by that I really don’t remember when I was born….)
In any case, you are correct about my earnest desire to see Cable jump off the deep end, but I just don’t see it happening this week unless: 1) really, really, really good news is delivered by the Greeks “to the market” today or tomorrow and everyone who has been short the EUR/GBP has to jump out at the same; or, 2) tomorrow’s Australian GDP number is such a whopper that my wish for the instant destruction of the now triple bottom of 1.6527 on the current GBP/AUD 15 minute chart comes true.
Color me standing aside from “all”, at the present time.
Gerry,
Guess who is sneaking under 1.0369 (the low of the last ten days of action) as I type? That cutie CAD! And, we still have over 2 hours to go until the phat lady sings.