Pick of the Day: USD/CAD

In the last few trading sessions, we’ve seen the USD/CAD rise in an impulse wave pattern. This rise is probably due to the dovish comments on future monetary policies from the Bank of Canada and rising strength in the US dollar due to geopolitical reasons. Will the trend continue? I think so, but it may be short lived. We may see resistance at the 1.1400 level. Before you take this trade, please be consciences of the US weekly jobless claims at 8:30 am EST and Bank of Canada Monetary Policy update at 10:30 am EST. Here’s a couple of long trade ideas:

Long USD/CAD at 1.1360, stop at 1.1330, pt1 at 1.1385, pt2 at 1.1400

Long USD/CAD at 1.1300, stop at 1.1260, pt1 at 1.335, pt2 at 1.1355