Day trade
Trade view / 13 September 2016 at 10:06 GMT

UPDATE: Is enough, enough for USDCAD rally?

FX Trade Strategist /
Instrument: USDCAD
Price target:
Market price:

The original trade view expected USDCAD to retrace part of last week's gains due to the speed of the rally and the proximity to major resistance. It worked, sort of.

USDCAD declined rapidly and hit 1.3034 by the end of the day thanks largely to dovish comments from Fed governor Lael Brainard.

Around that time, the trade view was updated and recommended cancelling the second sell order and lowering the stop loss to 1.3092.

The revised stop loss was triggered in early European trading when the Canadian dollar followed Aussie and NZD lower.  A drop in oil prices didn't help.

The trade was closed for a small 0.0020 point profit.

Original parameters

Sell ½ USDCAD at market (1.3115) balance at 1.3145
Stop: 1.3208
Target: 1.2975
Time horizon: 5 days

— Edited by Clare MacCarthy

Non-independent investment research disclaimer applies. Read more
yuiyui yuiyui
well played Aramis
Michael O'Neill Michael O'Neill
A little luck never hurt anyone and I was Lucky. However, I may be stupid as well as I am still looking for a level to sell. I'm thinking 1.3170, 1.3230-Stop loss 1.3288, tp 1.3010 I will ponder it over a long lunch.
yuiyui yuiyui
oil is unpredictable, it may not go down a whole lot and i am nipping at he heels of USDCAD, thanks for the levels. What do you think the next major risk is, I don't think anything out of China, EUR is oddly quiet and JPY and the FED seem in the forefront but i think there's something else out there......
Michael O'Neill Michael O'Neill
It is the FOMC. I think they do nothing and USD sinks
yuiyui yuiyui
moves .25 and the world as we know it ceses to exist
yuiyui yuiyui
i change my mind, you are probably right


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