Trade Management Update: USD/CAD - Forex News by FX Leaders

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!

 
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About the author

Shain Vernier // US Analyst
Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.
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