The U.K. traders pushed the USDCAD just beneath its Asian session low where buyers entered near the 1.2100 figure. As price rose to test its Asian session high and yesterday’s high, sellers entered. A short was taken risking 16 pips for a potential 72 pips to our daily target at 1.2057.
Price continued lower as the USD faded and U.S. equity futures pointed to a move higher at the open. After clearing its Asian session low, price continued lower and we closed the trade at our target.
Friday will be newsworthy as the U.K. releases May PMI numbers, Canada will have March Core Retail Sales, and the U.S. will report Existing Home Sales for April.
Good luck with your trading!
