Trade of the week: long USD/CAD
This week IG's Chief Market Analyst, Chris Beauchamp, looks at USD/CAD, going long at C$1.3677 with a stop at C$1.36, in expectation of a move higher on US dollar strength.
(AI Video Summary)
Previous soybeans trading outcome
Chris Beauchamp introduces IGTV's Trade of the Week, reviewing last week's recommendation to go short on soybeans, which remains active with an entry point at 12.37 and a stop at 13.28. Despite a temporary recovery, the soybean trade is expected to continue its pattern.
This week's trading opportunity
The focus then shifts to this week's trade: going long on the US dollar against the Canadian dollar (USD/CAD). Observing recent choppy market behavior and identifying buying interest around the C$1.3600 to C$1.3670 range, a long position is advised with a stop at C$1.36, aiming for reconsideration of highs beyond C$1.3780 and up to C$1.3840.
This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
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