While we we’re on the subject of Canada earlier we may as well have a look at the currency.
We’ve had another attempt at the 1.09 thwarted by around 18 pips today, the same as yesterday and it’s frustrating the 21,455 CAD spec longs.
USD/CAD Daily chart 12 08 2014
I suspect that the specs are happy while they find the topside holding as much as the downside. The 1.10 level is probably a big line in the sand a lot of them so we can expect stops to be building in size.
These longs were built from July so they’ve been underwater from almost the get go. In the main the specs have ridden the moves well over the last couple of years.
USD/CAD speculative longs 12 08 2014
I still like playing the range in place between 1.0900 and 1.10 but it won’t last forever. Playing the edges while keeping stops tighter and tighter is the way to go.
