TRDVMA

Time to collect your profits on USDCAD?

FX:USDCAD   U.S. Dollar / Canadian Dollar
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Today we closed our long positions in USDCAD ,at which we made a real good profit (entered at 1.2247 and exited at 1.2647). As oil is going down (refer to our Brent Oil analysis), there is a possibility that CAD may fall further against USD. However having said that, there are technical indications that the USDCAD hit some strong resistance and completion of some wave patterns. Also USD Index shows signs of correction. To be prudent and quite satisfied with our profit, we opted to liquidate our long position for the purpose of our strict money management principles. We are looking forward to jump on USDCAD quite soon again, should opportunities arise. Lastly, we won't suggest short at this point (unless you trade very short term)
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