The USDCAD chart is creating a BEARISH FLAG PATTERN, which would indicate a downtrend. However, with NFP data release today, traders should not rush into the trade. Thus, the STOP SELL position would ensure a successful entry if the US dollar weakened against the CAD dollar. Once the trend is confirmed by the NFP, the trade will be triggered and we would expect both our TPs to be hit in a short span. Hence, the trade is executed as follows:
USDCAD
SELL STOP: 1.35650
SL: 1.35950
TP1: 1.35350
TP2: 1.35050
USDCAD
SELL STOP: 1.35650
SL: 1.35950
TP1: 1.35350
TP2: 1.35050
Comment:
The trade was on point, but unfortunately fundamentals played a tricky game on us this time. Went down to initiate the trade, hit SL really quickly and then went back to our first TP.