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Forex Strategy: USD Longs vs. GBP, CAD Still in Play

Forex Strategy: USD Longs vs. GBP, CAD Still in Play

Ilya Spivak, Head Strategist, APAC

I entered long USD/CAD at 1.0935 and have now booked profit on half of the position at the initial target of 1.1017. The remainder of the trade will remain open, looking for a break above resistance in the 1.1017-47 area to expose 1.1116. The stop-loss has been trailed to the breakeven level (1.0935).

I also sold GBP/USD, setting a stop-loss to be activated on a daily close above 1.6822. Profit on half of the position will be booked and the stop-loss trailed to the breakeven level (1.6789) once prices hit 1.6751. The remainder of the trade left to develop with subsequent downside momentum.

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