Disclaimer- I will ordinarily avoid trading around or near NFP, but I'm making an exception this time around, which could turn out to be a bad move. I've been in and out of shorts on USDCAD for a while now, but this looks like an opportunity to capitalize on a larger move down. Fundamentals: - Oil prices continue to rally with an unsettled US-Iran situation. - US Hourly earnings and NFP numbers missed projections. - Canadian unemployment rate and new change in employment beat expectations. - Central bank interest rates are even at 1.75%. - Majority of retail traders on Myfxbook (86%) are long. Technicals: - Price broke out and retested a long-term ascending trendline. - Price on the daily timeframe is below the Ichimoku Cloud, 200 MA (blue line), and 30 EMA (green line). - Made LL last week.
We'll see how it goes. It's possible I'll have missed an opportunity to enter at a more favorable price. Didn't open a huge position- risking 2% if SL is hit.
Thanks for looking, -Zedro
Trade active
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Trade active.
Trade closed: stop reached
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Did notwork out. Interest rate decision pushed this to my stop.