Live Q&A Webinar – Wed 30 Oct: CAD drops on dovish RBA – we’re trading the reversal (NOW)

Mark NugentDaily Alert, Oct 2019, Q&A Webinar

Live Q&A Webinar – Wed 30 Oct: CAD drops on dovish RBA – we’re trading the reversal (NOW)

Risk tone is indecisive. The Fed reduce interest rates by 25bp as expected. US equities rise and the USD falls.

The biggest event of the day is the drop in the CAD caused by the RBA’s rate statement where they mention that they considered a rate cut, but didn’t quite make the decision to do it. After a quiet week last week and a quiet start to this week, the markets jumped on this dovishness and the CAD fell significantly. When we see big moves like this that are not really justified by the underlying change to fundamentals, there is often a reversal. So, we have entered the USDCAD short (as CAD reverses, i.e. strengthens, and the USD is the only weak counter-currency).

I include the latest version of the sentiment/trade-finder spreadsheet, which should help you narrow your focus on the highest probability trades. I hope you like it.

Here is your video:

You can download the video HERE.

The updated Trading Plan is HERE.

The updated sentiment/trade-finder spreadsheet is HERE.

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