Long USD/CAD – Close Open Orders

Close Open Orders: 2007-12-04 10:59

There was no retracement back to the bottom of the channel before USD/CAD took off higher after a surprise rate cut from the Bank of Canada this morning.

The pair shot up above 1.01 taking us almost 200 pips away from our entry order. We will close all open orders in light of this event. No trade.

Trade Idea: 2007-12-03 19:43

comdollsff

Hello! The Greenback has been on a run in recent weeks against Loonie and now the pair is trading back at parity. Is it time for the Loonie to make another run or is there more correction to go?

Currently, the pair is in a strong, short term uptrend which should continue to play out for the rest of the week as the Bank of Canada is expected to hold interest rates. Weaker Canadian jobs data and manufacturing data is expected as well.

So, we will look for a long opportunity at the bottom of the channel. Here we go my friends!

Long USD/CAD at .9925, stop at .9875, pt1 .9975, pt2 at 1.0075

Remember to never risk more than 1% of your account on any single trade. Please adjust your position sizes accordingly.

Good luck my friends!

  • JeffDow

    Really dumb question.

    I took a tip today and did the USD/CAD play off the Canada interest rate cut. Unfortunately, I beleive I took the wrong position. I clicked on the right side USD for 10,000. In my practice account I then lost around $50. Should I have sold USD instead of bought, and clicked the left side?

  • happypip

    It sounds like you took a short position in USD/CAD. Our trade ideas was to go long USD/CAD if the pair retraced. There was no retracement, so no trade.

    It’s a good thing you made a mistake on your demo account rather than a live account. Hopefully a lesson learned right?? :)

  • JeffDow

    Really dumb question.

    I took a tip today and did the USD/CAD play off the Canada interest rate cut. Unfortunately, I beleive I took the wrong position. I clicked on the right side USD for 10,000. In my practice account I then lost around $50. Should I have sold USD instead of bought, and clicked the left side?

  • happypip

    It sounds like you took a short position in USD/CAD. Our trade ideas was to go long USD/CAD if the pair retraced. There was no retracement, so no trade.

    It’s a good thing you made a mistake on your demo account rather than a live account. Hopefully a lesson learned right?? :)

  • newbie10

    Hi, not wanting to sound like a detective, but do you keep a record of your prediction success rate?

  • newbie10

    Hi, not wanting to sound like a detective, but do you keep a record of your prediction success rate?