The USDCAD has moved up over 800 pips this year. Despite the USD’s recent weakness, it’s been able to extend its gains against the CAD.
The USD rebounded today against the majors and a long trade setup was found risking 25 pips for a potential 57 pips to our daily target at 1.3734.
After the pair found its bottom, early in the North American session, a long was taken. Price went sideways initially before moving higher and our trade was closed at our target.
The market is so volatile at the moment, that it is very important to take the risk out of trades quickly and to lock in profits swiftly and regularly. Some of the moves yesterday were sudden and extreme. Trading with half the usual amount of exposure makes sense to me. Don’t be greedy – lock in profit and know that price can reverse and erase your profits if you don’t.
The coronavirus continues to spread and wreak havoc on the financial markets. It was nice to an up-day after the recent carnage.
Good luck with your trading!
