As the U.S. session got underway the USDCAD made an attempt to move higher but was unable to test its Asian session high or yesterday’s high. It began to fade and a short was taken risking 13 pips for a potential 55 pips to our daily target at 1.2518.
Price moved lower to its Asian session low – where a more conservative entry was available. The pair continued lower and moving through yesterday’s low, but came back up to retest the level leaving a long lower wick. Not wanting to give back too many pips after a nice move lower, we tightened our profit stop and the trade was closed the next candle.
U.S. Core CPI will be closely watched tomorrow.
Good luck with your trading!
