Hello my friends 🙂 Todays Greenback rally against the Loonie has brought us a nice little opportunity to take part in the longer term downtrend of this pair.
The market is currently trading around 240 MA’s, which the pair has found resistance at in the past before reversing back down. We may see a reversal once again as those following rising oil prices and US economic concerns may see this as an opportunity to buy the Loonie against the Dollar.
We will scale into a short position if the pair treads a little bit higher. I’d like to see the Stochastics fully in the overbought area before I enter a short position.
Short half position USD/CAD at 1.0525, stop at 1.0575, pt at 1.0500
Short half position USD/CAD at 1.0550, stop at 1.0575, pt at 1.0500
Remember to never risk more than 1% of your account on any single trade. Adjust position sizes accordingly.
Stay tuned for updates. If our trade goes our way we will adjust stops and profit targets accordingly. Good luck!