June Trade # 22 - BUY USD/CAD

June 16, 2009 9:58 (Manila)

2nd half is out at breakeven. Too bad. I will look to re-enter when a new opportunity presents itself.

Summary for this trade:

1st Half: +60 pips
2nd Half: 0 pips

Total: +60 pips

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June 16, 2009 9:37 am (Manila)

1st half is out at +30 pips/lot for a total of +60 pips. Moved stops of second half to breakeven. Trade is now risk-free.

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June 16, 2009 7:45 am (Manila)

BUY USD/CAD @ 1.1338
Stop - 1.1256
Limit 1 - 1.1368
Limit 2 - 1.1471

I believe that risk aversion sentiment in favor of the dollar is still strong. Oil has met strong resistance at $72/barrel and is barely holding on to $70. As bad news (Empire State Mfg and TIC Long-Term Purchases) struck last night, investors now question whether the current price can be sustained in the present environment --- the IMF and G8 Financial Ministers said that recovery is still not here and the situation remains volatile.