August was the slowest month I’ve seen in over 17 years of currency trading. I think my best trade was for 21 pips but the majority were in the 1 to 15 pip range.
I am happy September has arrived and the volume and ranges will pick up from here. Who knows perhaps Jerome Powell will finally tell us when the bond tapering will begin.
Oil was up today and the Canadian dollar was strong. After the U.S. economic releases and a declining DXY, a short was taken in the USDCAD risking 15 pips for a potential 39 pips to our daily target at 1.2554. Finally a trade that moved quickly… and to our target. The CADJPY was also a good trade today.
Friday will bring the Non-Farm Payroll release which tends to be the catalyst for abrupt moves. When I trade this event it is with pending orders and only if price is not too volatile just in advance of the release. Otherwise, I will wait and trade the pullback after the reactionary burst when the market is settling down.
It’s a long weekend in North America with Monday being the holiday.
Enjoy your weekend and good luck with your trading!
