Following up with the short AUD/CAD recommendation from the previous day, the trade never materialized as the pair stalled at a low of 0.9503. I seems as though I lucked out as the pair rallied to a high of 0.9591 during the overnight trade, but I will look to maintain the entry at 0.9502 going into the weekend as the daily RSI falls back from overbought territory. At the same time, the economic docket for Friday is expected to show employment in Canada rising 30.0K in August following the unexpected contraction in the previous month, and the data could spark a bullish reaction in the loonie as it reinforces an improved outlook for the region. As a result, I will maintain a soft target at the 8/4 high of 0.9377, and keep the stop at 0.9557.
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