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US stocks led Asia higher overnight as investors revived dimming hopes of Trump-led tax reform in the US. Meanwhile, markets are subdued ahead of the Jackson Hole summit with the bias being towards no new hawkish comments.
Day trade
Trade view / 15 September 2016 at 10:42 GMT

UPDATE: BoJ may pop cap in CADJPY

FX Trade Strategist /
Instrument: CADJPY
Price target:
Market price:

The original trade view expected that the prior break of downtrend lines and chatter about the possibility of Bank of Japan stimulus actions would lead to CADJPY demand. It did not expect the over-the-top reaction to the EIA Crude Stocks change report.  But that happened and USDCAD soared.

Still, the trade was alive and well until the open of the European session when CADJPY dropped, triggering the stop for a loss of of 0.54 points.

Original parameters

Entry: buy ½ CADJPY at market (77.95) balance at 77.55.
Stop: 77.25.
Target: 79.90.
Time horizon: seven days.

— Edited by Clare MacCarthy

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