We will just call this trade idea today… the USDCAD Trend Pullback Strategy because we are trading with the trend and we are now waiting for a pullback into resistance. Massive drop from fame in USDCAD since the turn of the New Year. 2019 has kick started to an incredible volatile start for the year. USDCAD has dropped more than 300 pips in just a few days and Bear claws are still out there. The usually reliable 50 EMA and 200 EMA provided support but in this case, it was really a case of knife through butter. The support was non-existence. This could signal more bearish move.
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So here’s our trade idea for this post.
- Sell Limit Order: 1.34200
- Stop loss: 1.34500
- Take Profit: 1.33900
On some pairs, there has been extreme volatility to start the trading day. Let us not trade on those pairs until they get settled down. With some brokers, spreads have gone higher as well. Thus, it would be better if we keep our patience and be watchful with those pairs for at least a day.
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