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USD/CAD Big Trade 04.12.2013 -33
4/13 -- Close USD/CAD trade at market (now 1.2805)
4/12 Sell USD/CAD at market (now 1.2772) -- we hit 72 (edited)
Stop at 1.2972
While the Bank of Canada expressed some concern about the level of its currency and its impact on the non-resource sector, their decision to revise up their 2016 GDP forecast to 1.7% from 1.4% is extremely positive for CAD as it reflects their positive outlook for the domestic economy. We’ve chosen to buy CAD versus USD because this morning’s surprisingly weak US retail sales report highlights the ongoing problems in the U.S. economy that should keep the greenback under pressure.