Have taken a short position at market based on USD weakness. Really need a break below 1.3000 to see this position open up to the downside.
Don’t have a clear bias for the CAD but favour risk on sentiment which would benefit the CAD in general being commodity linked.
Comment
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This has really gone against me. I have left the position to run and we are now looking at a big loss. I have entered another short position at 1.3160 which gives me an average position of 1.3100.
Fundamentally I can't see why this has gone against me I must just have entered at the lows without a strong enough catalyst to move lower hence a sizable retracement.
If we break above 1.3200 then I may be in trouble and looking at a big loss.
Trade closed manually
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Closed both of the positions at 1.3107 for a £1 loss on 07-09-2020 at 10:38.