I wanted to take a deeper look into USA and Canada. When looking at techs and fundamentals, there looks like there could be some space here for a run as we go through our interest rate spikes etc throughout this year. On the daily timeframe, I doubled the ATR for my stop loss and the target is near the 60% area which is where the previous high's are on a higher outlook as far as time. Let's see what happens over time. We are currently in a range of higher high's and I would like to see if we are getting the same pattern (look at circles). I'll wait as long as I can for this one.
I compared the following statistics to try to get a more fundamental outlook vs depending on straight technical:
GDP per Capita Differential (Lesser amount wins) - USA
Productivity -USA
Unemployment Rate Differential (Higher amount wins) -USA
Government Spending (Higher Amount wins) -USA
Business Confidence differential (Lesser amount wins) -USA
Consumer Confidence differential (Lesser amount wins) - Canada
Consumer Spending (Higher amount wins) -Canada
What do you think? I'm looking for a more long term outlook here. This will be my only forex trade this year. Might scale in on this position over time if things work out.
I compared the following statistics to try to get a more fundamental outlook vs depending on straight technical:
GDP per Capita Differential (Lesser amount wins) - USA
Productivity -USA
Unemployment Rate Differential (Higher amount wins) -USA
Government Spending (Higher Amount wins) -USA
Business Confidence differential (Lesser amount wins) -USA
Consumer Confidence differential (Lesser amount wins) - Canada
Consumer Spending (Higher amount wins) -Canada
What do you think? I'm looking for a more long term outlook here. This will be my only forex trade this year. Might scale in on this position over time if things work out.