The USDCAD moved up quickly today but was unable to take out its Asian high and set up a short trade for us. Both Brent and WTI were looking a little subdued but were moving up. The question would later be answered early in the U.S. part of the session as to what the crude oil inventory supply number would be.
With a 22 pip stop loss for a potential 87 pips to our Target 2, we like the setup. Price makes it way down to yesterday’s low and bounces briefly before heading to its Asian low and briefly finding some buyers before pushing down hard and leaving a noticeable lower wick heeding us of where buyers are entering. We tighten our profit stop and exit on the first rebound. As the U.S. session approached and with the crude inventories number pending…we are happy to be out of the trade.
Good luck with your trading!
