This will likely be another one of those tradeless weeks. Late on Tuesday morning, I went long 2 lots of the USD/CAD @ 1.0010. I only meant to go long one lot so closed out a lot for 5 pips profit. My expectation for the trade was that the Loonie would loose some strength with retreating oil prices. I picked the 25th because it's oil settlement day and, in thin markets, the Canadian dollar tends to be more resilient on that day allowing me to get in at a good price. Since then, the pair ranged as high as 1.0085 but I didn't close out because I was expecting a larger retracement in the pair. Today, crude prices rose from below $80 to over $82 so I defensively closed out the other long at 1.0015. Since tomorrow is the last day of the month, markets are likely to be whippy. If crude backs off, I might go long the pair again but I doubt it. I'll probably look at tomorrow's data and wait until next week to reenter the position if the market looks right.
