2 hammer with long tails and oil prices firmly above USD $40/barrel. Could see short term (1-2 weeks) rebound on CAD prices. However, there are a few economic data this week for Canada, and I am still bearish in the economic outlook.
Up coming Economic data:
Sep 01, 2015: Canadian GDP
Sep 03, 2015: Canadian Trade balance
Sep 04, 2015: Canadian employment
Therefore I will trade a small lot
Short at 1.3250
Stop at 1.3360 (-110 pips)
Target 1 at 20pips - 20 DMA (1.3144-20 pips = 1.3124) (126 pips)
Target 2 at 1.3035 (215 pips) + move stop level to 1.3180
Up coming Economic data:
Sep 01, 2015: Canadian GDP
Sep 03, 2015: Canadian Trade balance
Sep 04, 2015: Canadian employment
Therefore I will trade a small lot
Short at 1.3250
Stop at 1.3360 (-110 pips)
Target 1 at 20pips - 20 DMA (1.3144-20 pips = 1.3124) (126 pips)
Target 2 at 1.3035 (215 pips) + move stop level to 1.3180