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!
This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.