Forex Trade Review: USD/CAD Channel and Pennant

It looks like USD/CAD ain’t going anywhere anytime soon! The pair has been stranded in Chopsville for quite some time so I decided to exit my long forex position early. In case you’re wondering what I’m talking about, make sure you check out my initial trade idea right here.

I thought that U.S. dollar strength and oil price weakness would be enough to drive USD/CAD up the forex charts, but it looks like risk appetite is giving the Loonie a fighting chance. I should’ve listened to Forex Gump when he said that trading CAD has been trickier these days!

USD/CAD 1-hour Forex Chart

USD/CAD 1-hour Forex Chart

With a couple of major event risks lined up for the Canadian dollar (Bank of Canada monetary policy decision and OPEC announcement), I’ve decided to just exit my position with a small win at 1.3400. I initially thought of moving my stop to entry at 1.3300 for a breakeven forex trade but walking away with some profits sounded more appealing.

Besides, my other forex trade on GBP/AUD is doing quite well so I’m not gonna feel too bad about possibly letting some pips slide on USD/CAD. With that amount of volatility and the frequent tests of the 1.3300 support area, I’m not feeling so confident that this pair would move in my favor.

Here’s how it turned out:

P/L: +100 pips / +0.17%

How about you, guys? Which comdoll forex setups are you trading these days?

Cheers,

Happy time

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