FX trade of the week - USD/CAD is in a free fall | Bulletproof Traders
In our FX trade of the week, Bulletproof Traders in-house trading activities present our sell position on the USD/CAD. Is USD/CAD is in a free fall?
We've been riding out this strong move on the USD/CAD ever since 1.2510, even before the pair had officially broken below the big defensive key level of 1.2466.
Once it did, we got more confidant about this downside trend and as a result, we've become more aggressive by loading up our position size.
We strongly suspect the USD/CAD had only covered a third of this potential move. Ultimately, We have our target on the big next support level of 1.1890.
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