Beware possible nonfarm payrolls storm, USDCAD bulls
A bullish forecast on the week has been confirmed and signals in each of the last three days have continued to point higher. These have been confirmed with Thursday’s trading posting a fourth higher daily low and high in a row, though with prices closing little changed for the second day in a row.
In fact the market has posted a second small daily shooting star, a sign of bullish exhaustion and perhaps a warning ahead of the NFP storm. This has left a bearish bias to signals for Friday.
Management and risk description
Allow room to sell an intraday up-tic and lower the stop to entry if the first target is met.
Entry: sell at market and 1.3115.
Stop: 1.3149, yesterday's high.
Target: 1.3008, Tuesday's low and 1.2974, this week's base.
Time horizon: Today until 1300 London time (1200 GMT)
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— Edited by Robert Ryan
Non-independent investment research disclaimer applies. Read more