Shorting USDCAD following Canadian CPI data
The Canadian CPI data came in higher than expected that dashing hopes of another large rate cut at the next meeting of the BoC. Coupling this with rising geopolitical tensions that have lead to weakness in the USD saw a fall of 0.4% in the USDCAD in yesterday's trading session. Overnight Canadian yields have increased while US yields fell.
The currency pair closed yesterday below 50% fib retracement and the rising trend established from September. The conditions appear to support a continued fall in the USDCAD.
I've put a sell on USDCAD with the following TPs
Entry 1.3952
TP1 - 1.3927
TP2 - 1.3882
TP3 - 1.3842
TP4 - 1.3822
SL - 1.4034
TP1 is set at the 62% FIB retracement level, the plan is to move SL to entry once this TP is hit.
The currency pair closed yesterday below 50% fib retracement and the rising trend established from September. The conditions appear to support a continued fall in the USDCAD.
I've put a sell on USDCAD with the following TPs
Entry 1.3952
TP1 - 1.3927
TP2 - 1.3882
TP3 - 1.3842
TP4 - 1.3822
SL - 1.4034
TP1 is set at the 62% FIB retracement level, the plan is to move SL to entry once this TP is hit.
Trade active
Note
The currency pair bounced off the 38% fib resistance level and we've seen a strong move down on the 4 hour candle. It continues to trade below the trend line and the 50% fib support. If we see a close below this support we should see a strong move down,Trade closed: target reached
Ok so the move didn't happen however this trade is still in play...Note
TP1 was hit and SL moved to entryNote
Trade closed at entry
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