Good morning everyone! On the back of this morning’s terrible U.S. Retail Sales report I’m getting short USD/CAD at $1.0159. I like this trade setup because of three things:

1. Dollar is bouncing off of a recent double top high around $1.0220.
2. Dollar’s Retail Sales were terrible! Consumers aren’t spending, oh no!
3. We have a nice channel on the hourly chart to target the bottom of, which if it breaks out of this trade could run a long time.
4. Oil may give us a boost if it climbs, although admittedly I haven’t checked spot oil prices yet.

I like this trade better than the USD/CHF trade I posted yesterday although it is still valid if you want to trade it.

Best of luck!

Ryan