Close Open Orders: 2008-05-05 11:36
Close Open Orders. No trade.
Trade Idea: 2008-05-01 12:13
The Greenback rallied on a broad base today as traders priced in the general belief that the Fed rate cuts are near its end. This belief will probably continue to push USD higher against CAD up to the resistance area, which may hold until tomorrow’s US Non-Farm Payroll numbers.
So, if we do see the market take the pair up near 1.0300, then I look to short and target the bottom of the range highlighted on the chart and possibly lower. I look to risk around 100 pips for a rough 3:1 risk to reward ratio.
Good luck and stay tuned for updates, especially around tomorrow’s US Jobs data!