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Canadian Dollar: A Better Way to Fade the Move
Monday, September 24, 2007

It is tempting to fade big market moves.  The idea is to catch the top (in an advance) or the bottom (in a decline).  This method almost always ends up disastrous as the market continues to trend.  Many traders have been trying to fade the USDCAD decline recently (we know because the FXCM SSI is at +5, indicating longs outweigh shorts by a factor of 5).  Attempting to catch a bottom in the USDCAD as the pair trades at 31 year lows is a good way to go broke, but there is a way to take advantage of the extreme CAD strength…look for opportunities to sell the currency on the crosses.  Patterns in both the EURCAD and AUDCAD have caught our attention.  

Source: DailyFx

   
 
 
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