Trade Review: USD/CAD Triangle Breakout

I may have closed this one a wee bit too early, but a win is a win! Here’s how my USD/CAD long position turned out. Oh, if you’re wondering what I’m talking about, make sure you check out my initial USD/CAD trade setup here.

Prior to the release of Canada’s CPI and retail sales figures, I adjusted my stop higher to protect my profits in case any upside surprises trigger a sharp selloff for the pair. I noticed that the retail sales readings were able to beat expectations and spark a Loonie rally so I just decided to exit my trade early then.

USD/CAD 1-hour Forex Chart

USD/CAD 1-hour Forex Chart

In retrospect, I realize that I should’ve just left my trade up and running until the end of the day because price hit my profit target at 1.3175 eventually. As it turns out, sliding crude oil was the bigger driver of price action in the past few days, ultimately allowing USD/CAD to break past that longer-term triangle resistance I was also watching.

Still, I’m pretty happy with being able to chalk up a 160-pip gain or a 0.32% win on this setup, on top of the confidence boost that I got from this trade. You see, I’ve been feeling a bit unsure about my analysis and ideas recently so I definitely needed something to help me trust myself and assure that I’m able to stay in sync with the markets.

Onto the next trade then! Got any comdoll ideas you’d like to share with me?

Cheers,

Happy time

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  • forzion

    Congrats! Your went better than my. I was stopped out at the bottom of the channel and I had no entry signal after that.

    • Thanks for the positive feedback! Still a bit bummed out that I didn’t stay in this trade until it hit my target but consoling myself that I caught majority of the move. What’s your bias on USDCAD right now?

      • forzion

        It seems that we arrived into overbought zone so at this level I am not going to buy it but as we saw in the past it can move in overbought area a lot.

        I am focusing on Oil prices with this if there would be confirmed support in 35-40 USD/barrel, I am ready to turn bullish with CAD.

        I think the pair can move higher now but I need some retracement with valid signal to enter into trade. In my opinion 1.3500 can be a good target area now.