It’s been a very slow week with most major pairs trading in subdued ranges.
After the Bank of Canada rate statement today, a long was taken in the USDCAD risking 14 pips for a potential 50 pips to our daily target at 1.2120. Price moved higher as the DXY moved off its lows. Price continued upward and we quickly locked in profit moving our stop higher. Price climbed then paused at its Asian session low… unable to sustain above the 1.2100 figure. We tightened our profit stop as we were approaching the end of the U.K session and price came back to close our trade.
Thursday will have numerous important economic news releases, so keep an eye on the economic calendar. U.S. Core CPI and Jobless Claims will be closely watched along with the ECB.
Good luck with your trading!
