USD/CAD update

bumped the t/p up to 106.10, in an attempt to avoid any support bounce @ 106.  S/L remains at breakeven.  We just closed up the hourly candle @ 12am PST and are at +39pips.  Taking 1/2 off the table.

USD/CAD S/L moved to breakeven, thinking on this one...

Mmk, I'm seeing a ascending triangle here and while I still believe we will see some retrace lower to the rising support (perhaps 105.7 level), I'm not going to fight the uptrend + global USD strength.  And while the CAD has been able to hold off most of the USD bulls at 107., it's just not worth the risk for 100 pips.

Below you can see the ascending triangle that I'm talking about...a bullish formation.  This added with global USD strength...eh.

My trade last week was based in part on the fundies...a weak NFP and strong CAD employment news.  This has apparently worn off and is not longer applicable.

Short USD/CAD @ 106.79

Same trade as earlier, same reason.  We're seeing some resistance in the 107. area...USD rallied against all other pairs while CAD held the line.  I believe the CAD is a bit oversold here and the 107 mark is about the 68% fib of the March07-Nov07 decline.

I'm also keeping an eye on the daily as we do have a bit of an uptrend going...but as long as the 107 top stays in place, I think we should at least see a good 100-120pip move downwards to the 105.5 level.

I will look to close this position early if we get a daily close over the 107. level.

Pictured is the daily & hourly.  Unfortunately, this is more of an hourly play but using the fact that the daily hasn't closed above the 107 level.  Usually, I would rather have the entire play based on daily charting and only use the hourly for specific entry/exit...but for this trade, the hourly charts will be more involved.

USD/CAD short stopped out at breakeven. This was a pretty small position so I wasn't looking to take 1/2 profits until we were real close to the T/P.

I will take another look at the charts and will be ready to re-enter, this time with a full size position. I need to verifiy that I'm still seeing the setup I want.

P/L Updated

*I'm a little late on updating from last week's gap losses, my apologies. We're up +5.6% for the year.