NZD/CAD made strong moves this week thanks to a fresh catalyst from the Reserve Bank of New Zealand. With more pips in the bank it’s time to lock in more profit.
Support Break on NZD/CAD
In case you missed it, the Reserve Bank of New Zealand had their monetary policy meeting this week, and it turned out to be bummer for Kiwi bulls with Governor Adrian Orr sounding a lot more dovish than expected on inflation forecasts. It looks like monetary policy tightening is out of the questions for now, prompting Kiwi sellers to take control even further.
As for NZD/CAD, Kiwi bears took the pair down big time past the psychological level of interest at .9000, making lows around the .8850 handle during the London trading session.
With this latest move and with Canadian employment data coming up this Friday I decided to lock in further profit by rolling down my stop from the previous adjustment of .9170 to .9030
This locks in about a 0.32% gain on my open position, and with my locked in gain of 0.33% on my first closed position of the trade, I’ve locked in 0.64% gain on 0.50% initial risk, or a 1.28:1 return-on-risk.
It’s likely I’ll keep this trade on into the Canadian jobs data, and I’ll likely make one more adjustment after the event depending on what we get from that event and how the market reacts.
Stay tuned for that update, and as always, good luck and good trading!
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