The USD/JPY pair had a wild day during the Monday session as traders are trying to figure out the debt limit issues in the US. A deal looks to have been reached, but we have not voted on it yet. Also, there is the possibility of the Bank of Japan intervening in this pair. According to reports - the Fed is willing to help. A break either side of the long volatile doggie bar will help identify which side to trade, but be careful going short on this pair as various governments are looking to support the pair.
The USD/CAD pair continues to bounce from the 0.9450 area, which is probably unsurprising to many as the oil markets have been so wild in recent times. The pair is in a long term downtrend, and the recent bounce presents a great selling opportunity - but from higher levels such as the 0.97 and 0.98 as the pair continues to bounce. Wait for a bearish daily bar before sellling this pair.
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