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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 / 22 July 2016 at 10:57 GMT

UPDATE: CADJPY loses pennant race

FX Trade Strategist / www.Loonieviews.net
Canada
Instrument: CADJPY
Price target:
Market price:
Background

The original Trade Idea anticipated a topside breakout in CADJPY.  That move happened, but it was very shallow. 

The trade took a turn for the worse with Japanese Finance Minister Kuroda's comments on Thursday. He crushed expectations of aggressive stimulus from the Bank of Japan, and USDJPY plunged.  Meanwhile, very soft oil prices lifted USDCAD.

Mr. Kuroda and oil drove CADJPY lower, and the stop loss was triggered for a loss of 0.80 points.

Original Parameters

Buy: 1/2 position of CADJPY at market (81.62), balance at 81.12.

Stop: 80.62.

Target: 84.50.

Time horizon: 8 days.


— Edited by D. Deacon

Non-independent investment research disclaimer applies. Read more

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