*Open* CADJPY E: 86.685 SL: 86.170 TP: 87.825 r1.32% 2.21R
Updated
Quick read of an article by Adam on Forexlive on CAD.
forexlive.com/news/!/canadian-dollar-isnt-joining-in-the-commodity-fun-20210415
Seems to be contrarian to the market at moment, with move out of range expected to be higher.
This is because CAD is a net exporter so as worldwide opens up, export sales increase, as well as production etc.
Has been in a range for 2 weeks with 86.50 acting as support.
forexlive.com/news/!/canadian-dollar-isnt-joining-in-the-commodity-fun-20210415
Seems to be contrarian to the market at moment, with move out of range expected to be higher.
This is because CAD is a net exporter so as worldwide opens up, export sales increase, as well as production etc.
Has been in a range for 2 weeks with 86.50 acting as support.
Trade active
Monthly Pivot provided support for all of April so far.SL in daily and 4 hourly looks quite vunerable, but have recently had trades with SL at a strong support level and have been stopped out. Rather be stopped out earlier, as trade idea is really that Pivot holds and 86.50.
Daily
* Strong Uptrend, except 20 day MA is acting as overhead resistance.
4 Hourly
* Look to a close above the 200 MA in 4 hour to maintain trend upward?
Trade closed manually
Closed out manually as trade missed my stop at 86.170, was low as 86.185.On way home on train from work, saw trade had recovered upto 86.80 area, had chance to close for like 0.5% profit, but chose to move top to break even at 86.70.
Stopped out an our later with break even.
Next 2 days price dropped a low as 85.42, before strong BOC Minutes which moves up the output gap closing from 2023 to 2022 and tapers bond buys.
Reached 86.79 as high and trading around 86.60 at moment.
Note
Given potential strength of CAD Economy and resumption of uptrend, I have a pending order around 86.42.
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