Loonie Dollar - Down 80 pips..Intra day trade closed.
So usd/cad was unable to break above the resistance which i mentioned in the morning ,you can read that here. I had a sell position open at 1.3275/85 area and was expecting if price fails at this level (which it did) to test 1.32 area and that is where it is trading now.My intra day trade for this set up is closed and I am holding a small position on this pair positionally for second target at 1.3140 without changing the stops recommended earlier.
It would be a good idea to sell this pair again higher as long as 1.3360 isn't breached and If price rallies higher above 1.3320 and trades above that price we could see 1.3420 levels to get tested.So any selling should be with a clear stop and understanding of risk.
Enjoy the 80 pips for this trade and keep watching this space to pick up more and more pips.
Fayaz Sadik Sait