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BK USD/CAD 01.21.2016 Second Trade +50
1/21 -- BK Big Trade -- Close USD/CAD here at 1.4265 for +50. Looks like it keeps finding interim support here -- We’ll reevaluate it in the AM ahead of CAD data.
1/21 -- Order to Sell USD/CAD at 1.4320
Reload USD/CAD Orders
Place Order to Sell USD/CAD at 1.4320
Place Order to Sell USD/CAD at 1.4440
Stop at 1.4640
The biggest mover today was the Canadian dollar, which lost more than 1.5% of its value versus the greenback. After rising for 12 straight trading days, we have now seen the strongest reversal in at least 3 months. We’re officially calling a near term top in USD/CAD. Between the Bank of Canada’s optimism, the 4% recovery in oil prices and the prospect of stronger Canadian data on Friday, we are looking for USD/CAD to test 1.40. Canadian retail sales and consumer prices are scheduled for release tomorrow. While economists are looking for muted reports, the sharp rise in wholesale trade and jump in the price component of IVEY PMI points to stronger numbers.