Looking for a short term move lower to the 1.2989 level at minimum.
Comment:
A bit of a fake out move higher here, but remaining short.
Trade active:
Still short the USDCAD patiently letting this trade develop the move lower that we are expecting. Sometime trades don't go exactly as expected, but there is plenty of reasons to remain confident that price action will develop momentum to the downside soon. The initial target that we set was 1.2989, but one could reasonably revise the downside target if desired 1.2920.
Trade closed: target reached:
Price action sure took the long way unexpectedly, but that's ok, our conviction was strong that our target would eventually be hit at 1.2989, and it was hit.