The majors had some news to digest today as the U.S. jobless claims and CPI numbers were released. This was coupled with the ECB interest rate decision and President Biden’s meeting with U.K. Prime Minister Boris Johnson.
As the U.S. S&P 500 attempted yet again to make an all time high, the USD began to weaken and a short was taken in the USDCAD risking 15 pips for a potential 38 pips to our daily target at 1.2062.
Price moved below the 1.2100 figure and was able to take out the spike lows from the earlier news reaction.
Price then left a long lower wick underneath 1.2075 as buyers entered. We further tightened our profit stop to 1.2080 and our trade was closed on the next candle as price reversed higher.
Friday is light on economic news releases but with President Biden overseas… there will be lots of foreign coverage as his meetings progress with world leaders over the next week.
Good luck with your trading!
