The GBP still looks suspect on the crosses especially with pairs like GBP/CAD nearing very important support levels. We can expect further volatility and plenty of two-way action. I’m still in buy-big-dip mode in cable but will have to wait until the bearish bias in the crosses eases. 1.65/1.68 will cover most eventualities with a short-term bearish bias.
USD/CAD is heading much lower I think and I suspect that there will be plenty of stops now below 1.0860. Tonight’s revision of the most recent jobs data will certainly have an impact. Timing is everything of course in FX trading and I cannot be sure that my timing is spot on here. I’m looking to trade a 1.0870/1.0940 range in the short-term with a bearish m/t bias.
NZD/USD should continue to track higher, barring a big move higher in AUD/NZD. Any dips towards .8450 are now buying opportunities imho and I’ll be patient now waiting for intraday profit opportunities as I think we will see .8600 again early next week. .8470/.8520 should cover this pair for the European session.
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