It took a while but USDCAD has given up some of the gains into 1.2800
USDCAD has dropped back under 1.2800 and down to 1.2780. It looks like the weight of broad yen buying finally tipped the balance.
On the short I took earlier after the CPI data, I went to market on the 25 offer and took 21’s, then took part profit on the way down at 1.2805, 1.2795, 1.2782 and finally just now at 1.2784. On my 15m charts I was looking originally at full TP’ing around 1.2775, as 1.2770 was the broken top earlier today but I’m not going to dick for a tick as I’m about to head out the door.
We might just have hit the wall for USD moves now as USDJPY seems to have held 112.00 despite looking very creaky over the last hour or so. This does look like risk covering into the weekend, which as we learnt last weekend in GBP from the weekend headlines, is not a bad thing to do.
I’ll take this opportunity to wish all of you readers, and the great traders and writers here at ForexFlow, a wonderful weekend.
- Kyle Bass and the HKD story - July 10, 2020
- What’s it going to take to break USDJPY out of its box? - July 7, 2020
- Here’s how the ForexFlow traders get ready to trade today’s US NFP - July 2, 2020