Risk 0.5%
Trade should be taken from 8 AM New York time to 5 PM New York time over the next 24 hours.
Long Trade 1
Long entry on break above 1.3175
Stop loss at 1.3140
Take profit at 1.3250
Short Trade 1
Sell on break below 1.3130
Stop loss at 1.3150
Take profit at 1.3100
USD/CAD Analysis
The USD/CAD pair continues to be very choppy overall, and quite frankly I think this has a lot to do with the oil market. Because of this, I think it bodes well for short-term traders, because not much can be taken for granted when it comes to oil. Chatter out of OPEC pushed oil prices higher during the day on Tuesday, but quite frankly the $55 level held firm, so I believe that the US dollar could continue to go higher. Particularly telling was the fact that it went higher during the day that oil rallied in such a strong manner.
