Day trade
Trade view / 09 June 2016 at 11:09 GMT

UPDATE: Squeezing blood from a stone in USDCAD

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

This was a  poorly executed idea. The original trade idea anticipated additional USDCAD selling from the rise in WTI and the break of key support in the 1.2740-70 area. 

That happened, but it happened as I was writing the trade idea and like a rank amateur, I chased the move lower managing to sell at the low of the day. Because of that, I ended up putting the stop at the wrong level. I was punished for my sins with a 0.0085 point loss.

For the record, if you are short in the 1.2690-1.2720 area, the correct stop loss (in my opinion) is above 1.2772). I believe that USDCAD is heading back to 1.2462 (unless 1.2772 deals)

Alas, some days you are the dog, other days you are the hydrant.

— Edited by Michael O'Neill

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Corto Maltese Corto Maltese
Hi Michael, is your above suggestion still valid ?
Michael O'Neill Michael O'Neill
Hi Corto: I don't think so. The move in USDCAD since last Friday was pretty steep it looks like it could correct back to 1.2775, especially if oil prices remain soft and today's Canadian employment report is weak.


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