Friday, December 28, 2012
Canadian Dollar Update by @JimIuorio
Attached is a 50-day chart of the CDH3.
We have been
patiently waiting for a move to 100.17 to initiate a long bias. Although we did not quite get there the trade down to 100.27 is
close enough to get us to adopt a long bias at current levels
(100.34).
We look for an initial move up to 100.79 and eventual move to
101.60. Exit long on settle below 100.09 (that is a 0.618 retracement of the up move that
began in mid Nov).
Jim
Thursday, December 27, 2012
Wednesday, December 26, 2012
Update on Japanese Yen + Canadian Dollar by @JimIuorio
Attached is a 40-day chart of the JYH3.
The market has
gapped open lower this morning as market participants become
more and more convinced that the new leadership will push for
stimulus and a weaker yen to give the export driven Japanese
economy a boost. This has left us on the sidelines as our upside
trigger point for a long bias is far away.
The CDH3 is opening
near unchanged levels and we will be looking for opportunities
there as well.
We anticipate continued thin trade in the last
week of the year, but will be on the look out for
attractive risk/reward trades.
Jim
Monday, December 24, 2012
March Canadian Dollar Trade Update by @JimIuorio
The march Japanese Yen contract never hit our trigger so our long bias was not confirmed.
That leaves us neutral the yen and looking for next opportunity. Attached is a chart of the march Canadian Dollar(CDH3).
The bounce off well-defined support level of 100.18 suggests an upside move to 101.60. We will consider a buy at these levels with a stop-out on a settle below 100.15. Our main concern is that thinly traded holiday markets are sometimes unpredictable so wade into the water with care.