I would wait for lower levels or short at the present time. With the backdrop of high gold/oil and firm jobs - I think this is supportive of CAD and the USD/CAD should go lower, i.e. sub 1.14
Just re-shorted this at 1.2230. A bit brave ahead of payrolls, but I dont think they will be that bad, and I think the euro momentum has taken a big hit today. Probably some stale longs still outthere.
Where now for eur/usd? I think there will be no surprises from Trichet, and there will be profit-taking before NFP.
Still maintaining short trade at 1.23
Technical - I felt it would revisit yesterday's lows after bouncing 55 pips. No fault with the trade, nor execution, it was just a crazy day with year end etc.