Minus the fundamentals backing the trade idea, I like the set up here. Good profit taking against 1.0150 and struggle against 1.0120 makes me believe we'll see an opportunity to fade some initial CAD strength. I'll wait to buy a dip below the figure here with my risk defined to below parity, .9975 with a target of 1.0375.
Bit undecided here as to when I'll dip in long, but feel that this USD move has just gotten started. May have some profit taking in the Asian session with little changed after the G-7 and will be looking to buy any and all USD dips into parity. Series of higher lows since last September leads me to believe that the market is reluctant to put any serious weight...
