A Delayed Reaction

As anticipated, we are getting the delayed reaction in selling the dollar this morning due to a weaker than expected University of Michigan Consumer Confidence report from last Friday. As a result, my two losing positions were being turned around and made a profit of +17 pips for USD/CAD and +30 pips for USD/JPY.

I am disappointed in a way that these two positions failed to rally as much as the pound, swiss francs or euro. Anyway, it is a good start to the week. I am now waiting for confirmation to buy back the dollar. USD/JPY is the first currency pair to show signs of resilience but I am still suspicious about the move. I am going to wait a little longer before making the next move....

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