CAD/JPY bulls are having a tough time busting through the next major psychological level, and with the Canadian employment report coming soon, I’ve decided to close my remaining position to lock in profit.
CAD/JPY Resistance Break & Retest?
With expectations for a slower-than-previous rate of Canadian job growth in October, raising the possibility of a CAD selloff, and the market’s inability to break above the 83.00 handle, I’ve decided to close down my remaining position manually at 82.85.
Total: +92 pips avg. / +0.17% gain on +0.50% risk
Not a bad risk-adjusted return for just under a ten-day hold, and if the jobs data does disappoint AND CAD bears take control, I may have an opportunity to play this one again to the long side at a better price. Of course, if the jobs data does surprise positive as it did at the last report, this pair could burst higher and I missed some pips. But with the Ivey PMI showing further contraction sentiment from Canadian businesses, I think the odds of another positive surprise is pretty low for now. I think I made the right move by close down now, but only time will tell.
What do you guys think? Did I close too early or should have I just rolled my stop up further? Let me know in the comments section below!
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