The USDCAD has provided us with a lot of opportunities over the past few weeks and coming into this week I was still looking for opportunities to get short. Although we were able to pull the trigger on a similar setup over on the AUDCAD this morning (Great Trade Syndicate Members!!), I never had the opportunity to involve myself in the bearish move that we saw today.
Back to the drawing board, the 50% retracement that price did, puts me on alert for a potential Bearish bat formation, which would complete at a very attractive level.
We have a very active economic news event week ahead of us and on July 12th we're looking at Janet Yellen testifying as well as a Bank of Canada Monetary Report & Rate Statement.
I'll continue to track this pair throughout the week as the Summer Slowdown limits the number of good opportunities that we see in the Markets.
Akil Stokes Trade Empowered
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Not expecting much movement today with all that's happening tomorrow but we were able to catch a small bearish bat formation on this pair in the live room. Only about 16pips of profit, but hey, something is better than nothing and any money earned is better than any money lost.