It's all about the Canadian Dollar

Sorry for the late post but am currently away exploring Europe :)

I haven't got anything major on my watchlist but am just managing the AUDCAD trade I have scaled out of (7% banked on the first move, 4% banked on the second move and 2% banked on the third move - all in previous posts!). Whilst the we were right on the strength of AUDCAD and on the sell off of Global Indices, it's all about how much we make when we are right and how much we lose when we're wrong! Personally, I scaled some of my Dow short position but then got stopped on break even. Then I was kicking myself as I missed the doji bar trade 18 October but I'm sure they'll be other opportunities (I have to keep telling myself that!).

I will post more on the run up to the US elections as am looking for certain things to happen before initiating a position.

However, it's all about the Canadian Dollar as it was dumped on bad M&A activity which damaged the foreign investment climate in Canada. All eyes will be on the Bank of Canada tomorrow and their rate decision. Whilst their economy is growing and are in a position to increase rates, they have to tread carefully with the weakness in global growth. However, positive news in China is fuelling a risk rally today.

Happy trading!