Trade Management Update: USD/CAD

The Bank of Canada is due to release their monetary policy statements at the top of the hour. If you capitalized upon yesterday’s short t

Written by: Dime Levov • Wednesday, October 25, 2017 • 1 min read

• Last updated: Wednesday, October 25, 2017

The Bank of Canada is due to release their monetary policy statements at the top of the hour. If you capitalized upon yesterday’s short trade in the USD/CAD and still have an open position, it is time to limit risk or take profits.

This trade is 40+ pips in the green, I recommend the following actions going into this release:

Take profits now
Move stop to breakeven
Implement a trailing stop on the position (move stop to lock in some profits).

The cardinal rule of trading is to never make a winner a loser. Our macro resistance level has worked like a charm. It is time to ring the cash register!