This trade was entered after weak retail sales data for the loonie and a potential reversal in USDOLLAR selling. Look to Jackson Hole meeting Aug. 26th for more guidance from the FED on whether or not to raise interest rates this year. Raising rates would be considered bullish for the USDOLLAR while doing nothing could be considered bearish. Also be aware of oil...
Entry point 1.116 short to target of 1.09 Note this target is dependent on NFP numbers on Aug. 5th being stronger than forecasted. Key support level is 1.11 and a break lower would meet the first target with key resistance being in the 1.12 level and anything past that is a breakout and a stop on the trade
