GBP/CAD target from overnight short at 1.7409 now done and exit at 1.7361 for 50 pips. For remainder of this day, no further activity in GBP/CAD.
USD/CAD. Short at 1.3209 saw CPI blowout and USD/CAD bolted to 1.3242 and 1.3244. Where is 1.3244 and 1.3242 was mentioned in last post. Its the top points to prevent USD/CAD from bolting to 1.3291. Good lesson as I never anticipated a CPI blowout. Since top is 1.3244, I might add another lot short yet current at 1.3228 I might not. Under normal market circumstances and normal fundamental data, USD/CAD would’ve reversed at the 1.3214 target area. The short is fine and I hold to target despite 35 pip miss on entry.
GBP/USD. Bottom for the day was 1.3160 with supports from 1.3155 and 1.3153 to 1.3111. Price hit 1.3103 lows. I’m long from 1.3153 and added another lot from 1.3109. Target for now is open and I will report a target as I re calculate. I see so far at least 1.3195 target. More to follow.
Brian Twomey, Inside the Currency Market