USDCAD - Trade Idea

With all eyes on this Friday's PCE report to provide hints of whether inflation is cooling, I prepared a simple trade plan for a positive report.

Should the PCE report come in positive, expect further bullish strength with the US dollar. However, after the report, expect some downside pressure as market participants will start future forecasting the next critical inflation indicator.

My trade plan is simple, come Friday, hopefully price action will still be above 1.36. I'll then add several pending sell limit orders fairly equally spaced out with no stop losses. This may seem like a risky move which is why my lot sizes will be extremely small relative to my account equity. If the bullish momentum accelerates beyond 1.37, I'll then start applying hedges gradually to ensure I don't break my daily drawdown of only 4%

That's is. That's all. Trade Safe
~Michael Harding

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