Profit: $2.47 Total: $1,122.20
A disappointing NFP number was not a problem for the dollar. Although it had an initial spike downward, it quickly bounced back to a rally. The NFP data wasn’t too far off from it’s forecast but was still pretty disappointing: 151k vs 180k. Investors wanted to see a clean break of 200k for a Fed rate hike confidence, but the dollar’s rally still had strong momentum.
I didn’t want to get in the hectic mess of the dollar so I decided to trade the NZD/CAD instead. Oil has been hit pretty hard and got sent back to 43’s. It made a double bottom and sits around mid 44’s now. I took the opportunity to scalp the NZD/CAD down since oil looked like it wanted to bounce. But the major trade of the day would’ve been fading the NFP dollar spike.
short NZD/CAD would be a great long term short trade.