It was an interesting way to begin the month of February with the USD, equities, bonds, gold and oil all moving higher yesterday.
Today with equities up again, the USD was still able to move higher. Gold did not fare as well, but oil is continuing upward.
The USDCAD made a wave higher as the U.S. session overlap got underway and moved up to test its Asian session high, then yesterday’s high just above that… but failed and began to move down. A short was taken risking 21 pips for a potential 92 pips to our daily target at 1.2756.
Price descended through its Asian session low, but failed to continue much lower and the trade was closed at the U.K. close.
The USD which sold off last year appears to be finding buyers this year. What a difference a month can make. We will see where it goes from here.
Good luck with your trading and stay healthy!
