In the last few trading sessions USD has weakened against most currencies, and has reached some key areas. After 4 days of selling in USD pairs it's fair to expect some retracement.
Current levels in USDCAD and USDJPY allow to take Trades with high risk reward.
On top of that we have news coming out on Wednesday. 10th May (tomorrow). Big money won't take strong bets in any direction before inflation data coming out. This will favour any "fading trade".
Also, can we exclude any surprise in inflation data? given current price levels in many pairs, the surprise factor could trigger short coverings and push price further away in our favour.
I selected USDJPY and USDCAD for long trades with nice Risk reward.
Current levels in USDCAD and USDJPY allow to take Trades with high risk reward.
On top of that we have news coming out on Wednesday. 10th May (tomorrow). Big money won't take strong bets in any direction before inflation data coming out. This will favour any "fading trade".
Also, can we exclude any surprise in inflation data? given current price levels in many pairs, the surprise factor could trigger short coverings and push price further away in our favour.
I selected USDJPY and USDCAD for long trades with nice Risk reward.
Fulltime trader since 2018.