On 9/05/2016 I took a SHORT position on USDCAD and again it's good to recap your open trades in the weekend where the markets are closed.
Out of my 3 trades this is probably the most risky one because my STOP needs to be placed pretty far above previous support even when risk&reward is positive our loss would be noticable.
TARGET has been rised to previous support indicating it could hold again and not break trough that support.
RSI Shows overbought and DIVERGENCE
From a longer term view crude oil on the montly seems to recover and gold will likely continue to rise since the previous breakout it is at a retracement point where you can see XAUUSD moving bearish it's acctually a retracement on the daily
As some of you know crude oil and gold are one of the most import and if gold goes up there is likely a negative correlation between USDCAD and gold wich means USDCAD would go bearish.
Out of my 3 trades this is probably the most risky one because my STOP needs to be placed pretty far above previous support even when risk&reward is positive our loss would be noticable.
TARGET has been rised to previous support indicating it could hold again and not break trough that support.
RSI Shows overbought and DIVERGENCE
From a longer term view crude oil on the montly seems to recover and gold will likely continue to rise since the previous breakout it is at a retracement point where you can see XAUUSD moving bearish it's acctually a retracement on the daily
As some of you know crude oil and gold are one of the most import and if gold goes up there is likely a negative correlation between USDCAD and gold wich means USDCAD would go bearish.