As the North American session got underway the JPY and USD were strong and the commodity currencies weak.
The USDCAD and the CADJPY have been great pairs to trade this year. Today the USDCAD was too close to our daily target, but the CADJPY set up for an entry risking 15 pips for a potential 54 pips to our daily target at 88.43.
With a clear break of the 89.00 level, the next levels of concern were from the daily chart… 88.85 and 88.70 respectively, followed by the mid-figure 88.50. Price moved lower, briefly slowing down at the 88.85 and 88.70 levels before buyers came in just above the 88.50 mid-figure creating a retracement and closing the trade.
There are a number of central bank reporting this week to be aware of, with the U.S. Federal Reserve on Wednesday being very closely monitored by traders.
Good luck with your trading!
