USDCAD: We're long with a wide stop
Updated
We entered longs here, risking 300 pips down. Shorting USDCAD doesn't seem to be safe for now.
We'll add to it if we break today's high on close, using a tighter stop for this shorter term trade.
I'll update with my entry.
Once we break the channel lines here, we can see rapid movement to the upside since price found support at the top of the Brexit daily range.
Good luck,
Ivan Labrie.
We'll add to it if we break today's high on close, using a tighter stop for this shorter term trade.
I'll update with my entry.
Once we break the channel lines here, we can see rapid movement to the upside since price found support at the top of the Brexit daily range.
Good luck,
Ivan Labrie.
Note
If we a get a new daily high, we can tighten stops and add, for now, it remains as a riskier trade, but I like having it paired against my oil long. (oil long has a tight stop, it's already up 0.5%)Note
Given the strength in oil, I'm keeping a small USDNOK position paired against it, but closing USDCAD here. I reshorted a small entry in USDMXN as well, after booking profits yesterday around here.Note
Good exit! Nice profit for shorts, and good move in USDMXN.So all in all, in the green.
USDCAD interest rate decision key levels:
s3.amazonaws.com/tradingview/snapshots/y/YQ8ctdMw.png
Note
USDCAD bottomed for now at the key level on chart, near the 1.3 mark.
🔒Want to dive deeper? Check out my paid services below🔒
ivanlabrie.substack.com/
ivanlabrie.substack.com/
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.