USD to CAD Daily Candle Chart - 27th February 2009

USD to CAD Daily Candle Chart - 27th February 2009

There seems to be no let up in the sideways movement of the usd to cad pair, and my advice is the same as for the euro dollar and pound dollar pair, which is simply to stay out until we see a clear trading signal. The only way to trade this currency pair at the moment is to use an options strategy, or alternatively one using fixed odds, either of which are perfectly valid. The simple buy or sell trade will just not work, as your stop loss positions will be triggered in the whipsaw price action, with no clear trading trend.

The main fundamental news today is in the US with the release of the Preliminary GDP data which I have explained in detail on the euro to dollar site. Whilst there are some figures due out shortly for Canada, I do not expect these to have a major impact on the market today.