Another box of frogs opened on CAD data

Here we go again with the wild ride in USDCAD after Canadian data. 1.2800 has been breached up to a high of 1.2815.

Some key levels sit up here at 1.2815/20, 1.2830/35 and 1.2860/65.

USDCAD H4 chart

USDCAD H4 chart

I’ve gone half a small short at 1.2812 and will add bit more at 1.2825 if we see it. These levels have been big enough to rebuff these types of moves before so I’m leaning on them again for a similar move. My only worry is that we were well bid up into the data which shows there was intent beforehand. I’ll keep it a small trade and I’ve a provisional stop at 1.2870, which I’ll adjust down, if the PA looks too strong.

Considering the swift jump, support is yet to show itself and the nearest confirmed support is likely down around 1.2760/70. I’ll aim for 1.2775 as a potential target.

Ryan Littlestone

Psychedelic chartist extraordinaire. Have your shades ready.
Philosophy: “Don’t be a Dick for a tick”

Read how Ryan got into trading here
Ryan Littlestone

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