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!