BK – 2 New Big Trade Orders for USD/CAD and AUD/USD

BK Big Trade -- 2 New Orders

Reload USD/CAD

Place Order to Buy 1 lot USD/CAD at 1.2965

Place Order to Buy 1 More at 1.2790

Stop for ALL at 1.2610

If USD/CAD retraces again, we want to be a buyer. The Bank of Canada’s monetary policy announcement is one of the biggest event risks this week and given the recent deterioration in manufacturing activity, ballooning of the trade balance, and the rise in the unemployment rate, the BoC has every reason to be dovish. At the same time, the U.S. dollar is oversold and we believe that it is due for a bounce during this quiet data week.

New AUD/USD Big Trade Orders

Place Order to Sell 1 lot AUD/USD at 0.7280

Place Order to Sell 1 more lot AUD/USD at 0.7480

Stop for ALL 0.7650

We also like selling Australian dollars because the market is looking for the RBA to cut interest rates when they meet next month. While last night’s Chinese data beat expectations, the sharp drop in industrial production tells us that Chinese demand remains weak. Between that and the drop in jobs experienced last month along with the slowdown in service sector activity and appreciation in the currency, the RBA has every reason to be more dovish. The RBA minutes are scheduled for release this evening and if they are more cautious than the monetary policy statement, it could accelerate the losses in AUD

Here are our LIVE Trades

1. USD/JPY

Place Order to Buy 1 lot USD/JPY at 120.32 TRIGGERED

Place Order to Buy 1 More at 118.64 TRIGGERED

AVERAGE IS 119.48

Stop for ALL at 116.72

2. EUR/USD

Place Order to Sell 1 Lot EUR/USD at 1.1370 TRIGGERED

Place Order to Sell1 More at 1.1570

Stop for ALL 1.1778
Swing

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