Update USDCAD:
Current Price: 1.0168 at 11:40 EDT – Last week in the Bank Flow room we mentioned that 1.0245 and 1.0280 on the USDCAD are the next levels we will be watching for sells. At the moment 1.0200 still seems to be holding the bulls from climbing. Now I am looking for a sell around the 1.0225 level if it can spike through 1.0200. I will look for an initial 20 – 30 pip bounce down and will move to take profit or lock in to protect the margin.
Be aware that this pair has a tendency to spike through levels without warning. A good risk management plan is essential when trading this combo.
EURJPY:
Current Price 163.12 – Watching this pair for a fall to 162.36. This area should provide some intraday bounces for buys.
I will be watching FOMC on Wednesday. This data should give us some good entries as the market absorbs the information.
Dustin
