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7 Aug 2014
USD/CAD: Looking to add short position - FXWW
FXStreet (Bali) - After a spectacular run to the upside, Sean Lee, Founder at FXWW, keeps his strong conviction that USD/CAD is due to see renewed selling interest as the rest of the market remains irrationally bullish, he notes.
Key Quotes
"I remain very bearish on USD/CAD for the simple reason that the rest of the market is irrationally ueber-bullish."
"Pairs like GBP/CAD have been favourite positions for months with professional traders and if/when they turn there will be a massive clean-out."
"Overnight price action has done nothing to change my view with a sharp and unrelenting 70 pip dip. I’m already short and am looking for opportunities to add to the position (although not during Asian trade when it never moves)."
Key Quotes
"I remain very bearish on USD/CAD for the simple reason that the rest of the market is irrationally ueber-bullish."
"Pairs like GBP/CAD have been favourite positions for months with professional traders and if/when they turn there will be a massive clean-out."
"Overnight price action has done nothing to change my view with a sharp and unrelenting 70 pip dip. I’m already short and am looking for opportunities to add to the position (although not during Asian trade when it never moves)."