Welcome back to another wonderful week of forex trading! Hopefully, we can catch some pips this week and continue the streak. Here is today’s pick:
Well, the US dollar has been beaten up across all currencies for the past, including the loonie. Today’s pick is in hope that we will see continued weakness in the dollar, plus we will hear from the Bank of Canada on their interest rate policy.
Short USD/CAD at 1.1338, stop at 1.1375, PT1 at 1.1318, PT2 at 1.1290
Now in the event that we see a surprise from the BOC in that they keep rates the same we may see a move to the upside in favor of the US dollar. Here’s a trade idea in such an event:
Long USD/CAD at 1.400, stop at 1.1365, PT1 AT 1.1420, PT2 at 1.1450
Good luck and good trading!