Although I have been in multiple USDCAD shorts the last week my strategy is telling me to go long now.
- DXY is gaining some strength and CAD has become very weak.
- The price has broke the bearish structure and I will try to enter the trade on a retest, if we get a pullback.
Trade active
Note
It appears to be a huge fakeout. Still in the trade but I am prepared for a loss on this one. CAD has gained strength and DXY is playing around again.
Note
Got out on that last drive up to avoid further losses. In parallel entered a small short with a tight stop loss as it looks like this is continuing down after that fakeout.Note
I am still frustrated with this trade. From wick to wick that fakeout was 53 pips! I hope it melts down now that I am short... At least enough to get back my loss.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.