Disappointing economic data is currently plaguing the Canadian dollar and the USD may be digging itself out of it's hole. Even with the Trade Balance due out later this week, the data isn't expected to be able to knock the wind out of the sails of the USD for long, even if it's better than expected. Below is my trading strategy for the pair, and I may be looking to add to the position as this weeks data is released.
USD/CAD
Buy 2 units @ 1.08475, SL=1.0800, TP= open
Risk: 48 pips, $880/$88
Reward: open
From the Desk of
Aaron Reid
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