****updated March 2nd 5:30am****
we’ve moved our SL to BE because it failed to provide any meaningful movement during London session and we have Canadian GDP coming up next.
Normally we will keep our trades but GDP is an important factor that might easily sink CAD again so better to be safe than sorry.
We can always get in after the GDP if it’s neutral, or get in after the GDP to trade the risk event itself.
- we had a large drop in both CAD/JPY & CAD/CHF due to the market panic prior to Trump’s Congress Joint speech, a bit pressure into oil market and the dovish anticipation for BOC statement. Both pair and all CAD pairs drop significantly to twice of the daily range especially CAD/CHF. The closing of 4th candle after the first opposite green was at 0.7558 and our pending supposed to be 0.76 and 0.74 with 100 pips sl; however, we missed the trade due to some personal reason but the trade is still valid now. It has touched 0.76 but never went higher than 10 pips, then now it retraced back, we took the advantage to long at mkt at 0.7554 with sl 0.7454 and target 0.77. This trade will most likely run a bit longer. Fundamentally we have no doubt about CAD’s strength versus CHF especially with the recent promising datas, strong oil market and OPEC positive sentiment. The only pressure for CAD was the strength of USD to pressure the oil market.
- The catalyst was pre Donald Trump speech, pre BOC statement and a little bit pressure into oil market.
- We are right above Daily 200 EMA at a strong support area of 0.7550 and follow by psychological figure of 0.7500.
- The risk is over leverage which we almost did in both CAD/JPY & CAD/CHF, but we only got in CAD/CHF as it is right at a better zone, has a better look but most importantly, we think JPY will have a much bigger safe heaven effect than CHF as mentioned due to the Eurozone crisis, so we avoid JPY and go with CHF.
- I’ll let it run as set and forget because the level we bought is good and fundamentally the bias is here.
- Yes
****updated March 2nd 5:30am****
we’ve moved our SL to BE because it failed to provide any meaningful movement during London session and we have Canadian GDP coming up next.
Normally we will keep our trades but GDP is an important factor that might easily sink CAD again so better to be safe than sorry.
We can always get in after the GDP if it’s neutral, or get in after the GDP to trade the risk event itself.