The US Dollar / Canadian Dollar (USDCAD) FOREX currency pair short trade is looking real good now at a price of .9956. The initial stop on this play was up at 1.0040 (86 pip risk), but now has been moved down to .9978 (22 pip risk) due to the fact there has been an engulfing pattern. The first profit objective is down at .9851, which makes this play nearly a five to one reward to risk – a great reward to risk ratio by any standard. Right now the market is trading at .9906 (UP 50 pips – $500/standard). Let’s see how this plays out and I’ll update you on this trade in the morning. The E-Mini S&P 500 futures market is opening 17.25 points lower this morning, below our major support at 1418.75 (after a big rally yesterday afternoon – a suckers rally) – let’s see if the market is able to close below this level today. Have a profitable day and I hope this helps you in your own trading.
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