USD vs CAD - Currency Trading Daily FX Chart 7th May 2009

Yesterday’s candle continued the downwards move in the usd to cad unabated, and the expected short squeeze failed to materialise other than in a temporary move higher in the morning trading session which provided further opportunities for placing sell orders.  With the market now waiting for the bank stress test report due out this evening it is unlikely that we will see much in the way of activity for today and my trading suggestion is therefore to tighten any stop loss positions to lock in profits on existing sell orders, and to wait for the news to hit the markets tonight.  In the interim we do have the weekly unemployment claims which are often a barometer for tomorrow’s non farm payroll numbers coupled with 2 speeches from Fed Chairman Bernanke before the release of the stress test results.

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