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USD / CAD - Covering Position
By Eliseo Agas | October 18, 2007
As of this morning I don’t like what I’m seeing on the charts for the short idea. Although nothing definitive has come up saying that the downside potential is gone, it’s showing a momentary sign of weakness…for me that’s enough since I wasn’t looking to hold the position for more than 2-days. What I was ideally looking for was momentum to come in slamming USDCAD downward for a day or two. I’d rather get out than risk a complete reversal to the upside in my face.
At best, if the downtrend remains intact it will allow me to get back short at possibly better prices. Right now, I was able to exit gracefully with a very negligible hit to the account. Now I’m ready for the next trade.
Tags: cad, forex charts, forex trading, USD
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