On Oct 9 the USDCAD put in a high of 1.3350 that has not been breached. Moving forward to the last 2 weeks I see several weak attempts to take out 1.3350. I suspect the 1.3350 is peak formation high, and this area is being defended by Big Players, hence lower highs, I am short at the 1.3302 with a stop loss at 1.3337 and several take profits at 1.3203, 1.3130 and 1.3050. I believe this trade offers an excellent risk to reward and a compelling reason to short.
Note
1st target reached, move stop to even, I have closed out this trade and will wait for a pullback to get short again. BTW those who took this trade never had more than a 20 pip draw, compared to a 100 pip profit. A nice 5 bagger to start the month.
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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.