Trade Management Update: USD/CAD

Posted Wednesday, October 25, 2017 by
Shain Vernier • 1 min read

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!

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
0 0 vote
Article Rating
Notify of
Inline Feedbacks
View all comments