USDCAD trade update: Longs offered another bite of the cherry

USDCAD has shrugged off the drop late yesterday to have another try at the highs

Be it the jump in oil or the softening of USD, USDCAD looked in bad shape yesterday as it traded dow to 1.2700. We’ve srpung back today and my longs have been given a second chance.

After the NFP and CAD jobs report on Friday, I bought into the drop from the 1.28’s at 1.2748, and subsequently added at 1.2730 later on Friday & 1.2711 today. I failed to let any out around the highs at 1.2780 yesterday, and thought I’d missed an opportunity when it slipped after the Ivey.

We traders don’t often get second chances in this game so I’m not going to let this one pass, and I’ve taken a small portion off my longs at 1.2775, just so I’ve got some money under my belt.

I was just going to write that I’d still be happy to hold the position but I had my ‘overnight’ TP set at 1.2800 and it’s just been hit. I was looking to run this towards 1.2900 (When I close up for the day, I can move my TP’s around just in case there’s any overnight shenanigans).

Anyway, we’re breaking higher and bar a little bit of noise around ~~1.2810/15~~ (can’t keep up quick enough), 1.2835/40 is the next resistance to watch.

USDCAD H4 chart

I have an psychological aversion to buying tops so I’m only going look to re-enter the trade if we get another decent looking dip, though it this pair, that might be a long while coming.