Pick of the Day: USD/CAD

USD/CAD

Good evening! Well, it’s last “Pick” of the month, so let’s make it a good one! We’ve got quite a few economic reports in the upcoming US trading session being released – most notably Canadian GDP and US Consumer Confidence at 8:30 am EST. The Loonie took a beating from the Greenback yesterday, but I see it as an opportunity to jump in the pair short and continue to ride the trend. The pair failed to break above the 1.1260 which was a previous high. I see the pair going down, especially after the Canadian GDP, in which the market is expecting better numbers as the Canadian economy’s growth accelerates. Also, the market is expecting a pretty good US Consumer Confidence number, but many may ignore that as US economic data has been weak as of late. So, I’m looking to go short on USD/CAD.

Short USD/CAD @ 1.1230, stop @ 1.1250, pt1 @ 1.1210, pt2 @ 1.1180