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BK – USD/CAD Big Trade 09.17.2015 +74
close USD/CAD at market currently 1.3053 +74 on trade
Place Order to Sell 1 Lot USD/CAD at 1.3127 TRIGGERED
Place Order to Sell1 More at 1.3280
Stop for ALL 1.3480
We are laying out 2 Big Trade orders post FOMC. The Federal Reserve left interest rates unchanged today, citing uncertainty abroad and slightly softer inflation, which is bearish for the U.S. dollar but as Yellen indicated, recent developments have not fundamentally altered their outlook for the U.S. economy. She said every meeting is a live meeting and an unscheduled press conference could be held in October if needed. We don’t believe that will happen but December remains a strong possibility for a hike. We like selling USD/CAD in the near term because the lack of a rate hike could cause additional weakness in the dollar and lift oil prices. This “risk on” sentiment should drive USD/CAD to 1.3000 especially if Friday’s CPI report surprises to the upside like we anticipate. We like laying out orders higher to sell EUR/USD because ECB officials continue to talk of the possibility of more QE, which should limit the gains in the single currency.