AUDCAD LONG
Updated
My first long term trade of 2020. I mentioned in a previous analysis on my preference of selling CAD (being short the CAD will be a bias for me for 2020. Almost all major central banks had a dovish stance in 2019 with the exception of BOC .
Now the data has started to worsen, big miss on employment weaker retail sales and lower gdp, some of the reason i would like to try to be short before the next BOC rate decision and hopefully try to pre empt the move)
My preference for the pairs against the cad were AUD or NZD.
So here we are at 76.4 fibo bouncing off 0.8910. I feel momentum will start to die soon and now I will start buying dips in this pair.
Now the data has started to worsen, big miss on employment weaker retail sales and lower gdp, some of the reason i would like to try to be short before the next BOC rate decision and hopefully try to pre empt the move)
My preference for the pairs against the cad were AUD or NZD.
So here we are at 76.4 fibo bouncing off 0.8910. I feel momentum will start to die soon and now I will start buying dips in this pair.
Trade closed: target reached
I'm closing out my trade here, just to reduce some exposure in to NFP. i have other cad shorts running so nice move in this pair. I will definitely start buying dips if we get to .8940 area
"Losing is the key to trading, winning is easy"
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