Today’s Trading Plan 06.22.2017 – AUDJPY and USDCAD

*Good morning/afternoon everyone!*

Summer must be here because last night was an unusually boring night in the FX market. Aside from the RBNZ rate decision and a brief move below 111 for USD/JPY, nothing interesting happened in price. However, the bank of Japan upgraded its economic assessment for the first time in December
and this combined with the slide in U.S. rates this morning means USD/JPY could fall back below 111. Weekly jobless claims are scheduled for release this morning but the main focus will on Canadian retail sales and Fed President Powell’s hearing before the Senate Banking Committee at 10AM NY Time. He is NOT a voting member of the FOMC this year but he is the only Republican appointed Governor. We think CAD retail sales will be stronger given the improvement in the labor market and rise in wholesale sales. As for sterling it appears likely to fall to 1.26. Not much is going on in EUR and AUD.

*The MAIN THEMES I see today are*

-USD
+JPY
-GBP
-AUD

*Trading Biases*
These will change after US data

-USD
+JPY
-GBP
-AUD
EUR outperformance

*Today’s Potential Ideas*

1. Sell AUDJPY at market now 83.96, Stop at 84.46, Target 83.66

2. Sell USDCAD at market now 1.3314, Stop at 1.3364, Target 1.3284 *(THIS IS A PROACTIVE DATA Trade so SMALL Positions -- We think CAD retail will be stronger)*

All pending orders canceled by 3:30PM NY / 19:30 GMT
All open day trades closed by 4PM NY / 20 GMT

Swing

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