USDCAD: It's Not Greedy, It's Just Another Good Opportunity

A few weeks ago I made a very controversial call on the USDCAD looking to go long despite a major level of resistance and an advance pattern on the higher timeframe. (You can see the video explanation of that trade here www.youtube.com/watch?v=noqQm-zS...) Well after finally being taken out for the remaining part of my position Canada has come back to a level that looks prime for another buying opportunity and more importantly, just like last time, I don’t have to have that much at risk in order to get involved.

This is a simple structure based trade. Price action has come back down to test previous structure support, and IF this trend is going to remain intact, THEN that level should hold. (See how I snuck that IF/THEN thought process in there). If it doesn’t then I’ll be wrong and taken out of the trade.

With stops below the 1.2900 even handle number I only have about 35pips at risk, with a potential reward of around 100pips of reward if we move back across to the right shoulder. With that being said it may not be an easy ride, as I’ve marked off a few key levels of interest that I’ll need to pay attention to. This is certainly one of those trades that I will need to actively manage, especially with the FOMC statement on the horizon.

Good luck today traders and PLEASE continue to hit that LIKE button if you’re enjoying my posts here. Also check out my blog over at www.tradeempowered.com Yesterday I wrote one talking about my trading day and how being over prepared to trade is a good thing.

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Akil Stokes
Chief Currency Analyst
www.TradeEmpowered.com
Akil@Tradeempowered.com /@AkilStokesRTM /
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