Pick of the Day: USD/CAD – Trade Closed

Trade Closed: 2007-05-11 10:35

Canadian Jobs data came in weaker than expected with a -5.2K change in employment. In the US, the headline Retail Sales number came in at -0.2% while the core came in at 0.0%. And the headline US PPI number came in slightly better at 0.7% while the core came in weaker at 0.0%.

So, not so good numbers for both Canada and the US, but with the Canadian employment data outweighing the US Retail Sales/PPI numbers we saw USD/CAD rally. We had a long order ready to go, which was triggered and hit profitability. We will close all open orders to short.

Total: +30 pips

Have a great weekend!

Trade Idea: 2007-05-11 00:45

Pick of the Day

Good Evening! Or should I say good morning! We have one more day of trading opportunity with potential volatility coming from US PPI and Canadian Jobs data coming out later today. USD has made a hard run against the majors today, which may have put certain pairs in favorable positions to jump in the fundamental trends and USD/CAD is one of them.

I think market bias is short USD/CAD, so I am looking to short the pair if it does begin to drop again. Now, if we do see weakness in Canadian Jobs data tomorrow, we could see the pair rally further as some traders view the Loonie’s run a little overdone. Here are a couple of trade ideas:

Long half position USD/CAD at 1.1120, stop at 1.1090, pt 1.1150

Short half position USD/CAD at 1.1080, stop at 1.1120, pt 1.1050

Please remember to never risk more than 1% of your account on any single trade. Please adjust your position sizes accordingly!

Good luck and good trading!