Forex Trade Review: USD/CAD Triangle Breakout

Being extra patient really pays off, huh? As I mentioned in my USD/CAD triangle retest idea, I wanted to see clear reversal candlesticks or confirmation signals before setting my long orders. Heck, stochastic didn’t even try to move out of the oversold region!

USD/CAD 4-hour Forex Chart

USD/CAD 4-hour Forex Chart

As it turns out, concerns about the U.S. yield curve is keeping the dollar’s gains at bay. Recent data from the U.S. economy hasn’t been very impressive as well, leading traders to doubt that the Fed would be ready to hike rates around six months after asset purchases end.

Phew! No winning trades for the week but at least I avoided a loss! That’s a victory in itself, don’t you think?

Until next week,

Happy time

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