Closing position 2 NZDCAD short at market. Short was taken @0.8310 back in Feb 29 2012. After 2 months CAD bulls have been unable to break the 0.98 floor on USDCAD. Looking at the USDCAD weekly chart, the objective of USD bulls is to target 1.0220 after breaking the falling trend line since Nov 20 2011. CAD bulls have run out of steam and worse commodities look poised to sink lower. That should see AUS, NZD and CAD bulls take a beating soon.
New trade - lot size 0.2 USDCAD long @1.0010. Objective open for now and testing for strength before I take a larger position. This position is based on the weekly chart.
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!