Trading has been relatively quite ahead of the FOMC rate statement on Wednesday. I missed some decent GBP moves today, but managed to scalp the $1.06 USD/CAD round number. Total take for today’s trading was 31.2 pips, nothing too exciting but a profit is a profit. There is nothing on the long term horizon that looks interesting to me this evening. I suspect some fun over the next few days though, best of luck this week!

Following the nice dollar rally this morning markets are quite and I’m still stalking the CAD sell I talked about yesterday. I believe Loonie is positioned nicely this evening to give up the sell we are looking for in the morning following the Canadian Retail Sales report but only time will tell. Overall we are looking at one technical and two fundamental reasons to sell dollar tomorrow:

1. Oil looks poised to make another run at $90.
2. CAD Retail sales are expected to be .3% over -.3% (less autos).
3. You’d be awfully dense to buy dollar against the “Loonie Locomotive” downtrend near the top of a stubborn channel.

I’ve included my current CAD chart as well as today’s intraday Light Sweet Crude chart for your own eyes…

Where To Get Long EUR Again?

I’m also watching EUR/USD tonight. I’d like to get long EUR again but finding the right price is the hard part. There are a number of reports due out overnight for the Euro but nothing that is expected to be a big deal. I’d like to try and buy a dip into the trend line and fibbonacci retracement to buy a purley technical play, somewhere around $1.4140.

Best of luck!

-Ryan