Hi adnan, i think you may have enter this trade a tad too early…
My Technical analysis using ichimoku cloud and awesome oscillator show that today’s asian trader and European trader are of bearish bias. Down kumo support breached. Awesome oscillator is showing bearish momentum.
CPI chart looks like there is weakening momentum on the upside.
The last data for inital jobless claim illustrated an abnormal spike to 298 thousands. Immediate momentum for USD look pretty bleak
I really doubt the positive forecast for tonight’s CPI and initial jobless claim for US.
If i were you, i may hedge or close the current long position for USDCAD pair for today and tomorrow.
On hindsight, daily chart does suggest a pullback may be brewing as well.
Personally, i would place a pending
buy stop order : 1.22201
(yesterday daily high)
Target : 1.23001
( immediate next major level)
Stop loss : 1.21099
(yesterday daily low or today’s low, i will adjust accordingly when 1.22201 is breached)