US Dollar Canadian Dollar (USD/CAD) - Daily Candle Chart 4th February 2009

US Dollar Canadian Dollar (USD/CAD) - Daily Candle Chart 4th February 2009

Well, trading the usd to cad pair is not getting any easier, and in my humble opinion is now a complete lottery, which is why I can only reiterate my advice of the last few days, and that is to stay out! Yesterday saw a wide spread down day, following the wide spread up day candle of Monday reinforcing the sideways movement of the last few weeks. Until we can establish a consistent trend, either by a breakout to the upside or downside, then it is impossible to forecast with any accuracy the likely direction. If you are going to trade by guesswork, then you might just as well gamble.

In addition we have the oil inventory stats out later today in the US, which will affect the Canadian dollar more than the US dollar, so this is yet another reason( if any more were needed) to stay out for the time being and look elswhere for trades where we can be more confident in the success of our positions.