USD to CAD - Daily Candle Chart 19th February 2009

USD to CAD - Daily Candle Chart 19th February 2009

Hands up anyone who ignored my advice from yesterday? – if you did then you can’t say I didn’t warn you!! If you rushed into the market on the strength of one candle with a long position, you are no doubt trapped as prices fall once again, as the pair continue their erratic and volatile pattern in a sideways consolidation, extending the pennant pattern further. If you are in this position, then all I can advise is to wait, you may get lucky, you may not – trading the usd to cad is a complete lottery at the moment and I can only re-iterate my advice again – stay out until this trend ends and we have a firm and long term trend in place.

All the serious fundamental news today is in the US and you can find full details here on the euro to dollar site. Remember that we have the crude oil inventories out later in the US, which often have a major impact on the Loonie.

The short, medium and long term outlook is sideways!