USD/CAD
Strategy: Flat
Total Profit / Loss: -165 pips
Our long USDCAD position at 1.0558 was stopped out as prices closed below 1.0415, invalidating the Bullish Engulfing formation that triggered the trade. Prices are now poised for a decline to test the October 2009 bottom at 1.0233. Current positioning does not present an attractive opening to enter short from a risk-reward perspective and we will stand aside for now, waiting to see how the pair behaves at the next key juncture to look for new trading opportunities.
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