A quiet day news wise as traders awaited with dovish expectation the FOMC meeting minutes. The crude oil inventories came in well below expectations which gave WTI a needed lift. This set up a short trade for the USDCAD.
We waited for price to move down after the news and enter near the Asian session low with a 24 pip stop loss just above the Asian high for a potential 89 pips to our Target 2. Price moved down vertically testing yesterday’s low and bouncing above our Target 1 at the close of the U.K. session and we closed the trade.
Mario Draghi is tentatively speaking Thursday and we also have the U.S. Unemployment claims.
Good luck with your trading!
