Today’s Trading Plan – EURUSD, USDCAD, EURGBP

*Good morning/afternoon everyone!*

The U.S. dollar continues to get shellacked as the greenback extends its losses versus the Yen, euro and British pound. The UK has stronger labor data to thank for the move but the other major currencies are simply benefitting from anti-dollar flows. Although some market participants believe that the drama in Washington is finally weighing on the dollar (which may be true), the consistent data disappointments are also a problem. The commodity currencies are the only ones that are struggling while the greenback tanks but they too are finding support and likely to see upside momentum. We only have one word of caution which is that the latest moves are supported by the sharp drop in US rates but rates are already down a lot this morning, so there could be a “recovery” during the US session that takes some of the pressure off the dollar but the downtrend remains intact.

*The MAIN THEMES I see today are*

EUR,GBP strength
USD weakness
comm dollar finding support

*Currencies we plan on day trading and the direction*
*These could change during the day, but for now

We will be trading around these themes --

+EUR
+GBP
-USD
+CAD

*Trading Biases*
These will change after US data

+EUR, +GBP, +CAD, +JPY, +CHF
-USD,
neutral AUD, NZD

:triangular_flag_on_post: *Starting Trades*

OPENED AT MARKET EURGBP Sell
ENTRY -- 0.85643
STOP -- 0.86143
TAKE PROFIT -- 0.85343

OPENED AT MARKET EURUSD Buy
ENTRY -- 1.11069
STOP -- 1.10569
TAKE PROFIT -- 1.11369

OPENED AT MARKET USDCAD Sell
ENTRY -- 1.36138
STOP -- 1.36638
TAKE PROFIT -- 1.35838

Pending Order

USDJPY Sell-limit 112.580
STOP 113.080
TAKE PROFIT 112.280

Swing

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