Sticking to the short Usd/Cad trade. I am feeling pretty darn good about this trade. The trade is up about 50 pips and it looks to be heading to our support for another attempt. I am adjusting my stop to 1.1760. Not a big adjustment but it does reduce risk to only 20 pips of the originally entry point. The best traders control their losses and let their winners run.
Looking at the Aud/Usd, I am a little less certain about this trade. The Aussie’s have had some poor economic data and commodity pricing has not been able to outweigh the negative. I am not giving up on the trade, but I am going to watch it carefully.
The Usd/Jpy is under a lot of pressure. We could see the Usd/Jpy push through the ceiling, creating new 2-year highs. The target on a break above 116.30 could push the yen toward 118.50, the trading level last seen in August of 2003. If the news out of Japan tomorrow night is good for the Yen, we could bounce off and pull back toward 113.75. I am condsidering playing two one touch options out 2 weeks depending on the cost.
The Eur/Usd is possibly setting up for a trade. The Eur/Usd seems range bound in a downward channel of about 150 pips. The next day could confirm a sell and another attempt to break below the 1.1900 mark. We will see what tomorrow holds.
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