For tonight’s “Pick,” we will take a look at the Loonie and the upcoming economic reports for Canada. Now, the momentum for the Loonie has been super strong, as we can see in USD/CAD. Will it continue? I think it should without a change in fundamentals and if the International Transactions in Securities report comes out infavor of the Loonie. So, we have a short bias on USD/CAD as we hope for the drop to continue, and we will short below the previous low at 1.1285.
Short USD/CAD at 1.1275, stop at 1.1325, pt1 at 1.1250, pt2 at 1.1200
Please remember to never risk more that 1% of your account on any single trade, so please adjust your position sizes accordingly.
PS – we are still in our long GBP/USD trade. Let’s hope it reaches our pt at 2.0100!
Good luck and good trading!