Today as the New York session got underway the USDCAD was unable to close above its Asian high and began to roll over. A short was taken with a stop loss of 16 pips for a potential 48 pips to our daily target at 1.2760. Price quickly moved lower and we allowed for a retest of the Asian low. A fairly vertical move occurred as the USD weakened and WTI strengthened. As price touched our target the trade was closed.
On Monday traders were concerned about the German political outcome as the coalition government broke down. The Euro as a result had it’s ups and downs. The Asian session traders sold the EUR early on and it reversed fully an hour after the London open. As it failed to stay above its Asian high, a short was taken for the ride down…risking 21 pips for a potential 63 pips to our daily target at 1.1724. Price moved down but began to retrace taking us out of the trade just after the European close.
Wednesday is likely to be busy trading in advance of the U.S. Thanksgiving holiday with a lot of U.S. economic releases pending.
Good luck with your trading!