Potential Sniper Shot off the 1.29 Handle - USDCAD

Currently I'm bullish but I'll be bearish off the 1.29 handle.

This morning we had fairly decent ADP figures from the US in at +174k.

Typically on a monthly basis the ADP provides a leading clue as to what we might expect with the following NFP figures. My guess is that Non-Farm on Friday will come in hot and could add some strength to the greenback. I don't think the dollar will remain strong for too long though if we do in fact get some strength following the report. For that reason, I'm placing pending sell limit orders off the 1.29 area in an attempt to snipe the intra-day top.

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Regards,
Michael Harding 😎 Chief Technical Strategist @ LEFTURN Inc.

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