We are still holding above the barrier at 1.2500 and with a double whammy of data releases due Friday this will prove interesting.

With NFP’s and Canadian Employment change data for Dec, plus Nov Trade balance all due to drop simultaneously the loonie will experience an instant sugar rush .

I’ve scalped long the last few days for small pips, using the 1.2500 level as my stop. Looking ahead I wont be so confident of the big figure holding tomorrow. I plan on being a spectator with my finger twitching at the trigger to buy the bounce on favorable data. I never attempt to try and second guess these grand occasions and like to position myself after the reaction.

We have a handsome downward channel showing on the chart and the fib levels (providing the 1.2500 holds) correspond with some reasonable shorter tern support/resistance levels………….I can hardly contain my excitement   😉

 

USDCAD-H1

Horatio Dubsly

Collects more scalps than Crazy Horse and newly crowned Bitcoin & Dow top calling master.
Philosophy: "Trading rules.....it most certainly does"

Read how Horatio got into trading here
Horatio Dubsly

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