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Oliver Muller
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Oliver works with Standard Chartered Bank in Dubai on the FX Spot/Forwards/Swaps desk. Prior to joining SC, Oliver worked at Bank Audi as an equity research analyst. He is also the founder of Campus Society, an online platform for college students. Education: American University of Beirut &... More
  • Short EUR/CAD - May 11, 2012 - Add To Position 0 comments
    May 11, 2012 11:34 AM

    Following the trade on May 2nd, we are short EUR/CAD around 1.3000.

    Add to the position: Short EUR/CAD around 1.2850, move down initial stop to 1.3020, keep Take Profit around 1.2500.

    Fundamental:

    - Today, Canadian employment figures show greatest jobs increase in 30 years

    - Expected: 7,000 new jobs, Actual: 58,000 (8x consensus!)

    - Deteriorating European fundamentals, improving Canadian outlook

    - Continous shift of funds from Europe to Canada

    Technical:

    - Finally, the long-awaited breakout

    - 1.2951 support shattered

    - Next support levels at 1.2884 and 1.2870

    EUR/CAD Hourly

    (click to enlarge)

    Further confirmation of the trade:

    - USD/CAD traded a daily high just under its 200-day Moving Average before turning sharply lower.

    USD/CAD Daily

    (click to enlarge)

    Disclosure: I am short FX.

    Additional disclosure: I am short EUR/CAD just above 1.3000

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