I checked MarketMilk, and it says USD/CAD is overbought.
Just to update, I had a very quick trade on this day. I entered short at 1.38101 and closed it at 1.38037, taking 6.4 pips. I decided to close the trade when the inflation rate news came out, just to be cautious, and watched the charts instead. The price eventually dropped further to 1.37709, but I’m satisfied with my decision to exit early.
Looking at the USD/CAD daily chart, the price is facing resistance around the 1.3830 level after a strong bullish move. It has tried to break this level a few times but hasn’t succeeded yet. Right now, the price is just below it at 1.3819.
If the price can’t break through the resistance, I’ll be looking to sell, with targets around 1.3750 or even 1.3650. But if it moves above 1.3830, I’ll consider buying, with a potential target around 1.3900.
But with the Interest Rate Decision and the Monetary Policy Report coming out tomorrow, I’ll be monitoring this pair closely and probably enter a trade after the news.
Today’s trading update is about my forgotten USD/CAD trade. 
This trade has been open for over a week now. I entered short, but I didn’t set a stop loss since I was planning to keep a close eye on it.
Unfortunately, something came up, and I completely lost track of this trade. I remembered it today when I was preparing to look for new trades. I was surprised to see that the price had been bullish for days after my entry. But guess what? Today might just be my lucky day because the price is finally coming down.
I’m planning to exit this trade today, hoping it moves close to my entry point so I can minimize my losses. 
I’m currently looking at the USD/CAD daily chart. The price is trading at the current resistance level of around 1.3950. There have been multiple attempts to break above this, but the price has struggled to break through.
The moving averages also show a generally bullish trend, with price trading above the 200 and 50 MA.
I’m looking to open a long position once the price closes above 1.3950, with a TP around 1.4000. For now, I’ll be monitoring this and will update once I have an open trade.
Following up on my previous trading plan, I unfortunately missed the opportunity to open a long position. The pair has been bullish for a couple of days and the price went up to 1.4100 level.
The USD/CAD daily chart shows the pair in a strong uptrend. The price tested a resistance zone around 1.4030 where it faced rejection, and has started pulling back.
Looking at the USD/CAD 4-hour chart, the recent pullback has brought the price to the 50-period moving average at around 1.3980, which is a support level.
I’m planning to enter a short position at 1.39610, just below the support level, with a target around the 1.3900 level. For now, I’ll wait for confirmation of a break before entering the trade.
Last week, I planned to enter a short position at 1.39610, anticipating a break below support. However, the break didn’t push through so I adjusted my plan and entered a long position instead.
I entered long at 1.40071 with a TP set at 1.41070. For a couple of days, the pair consolidated around the 1.3900 level, leaving my trade in the red. However, today the price broke above my entry and hit my target, while the price rallied all the way to 1.41781.
Now that my TP has been hit, I’ll keep watching the charts for my next trade. The pair is still showing strong bullish movement, so I’ll watch for a pullback to find another good entry point.
I currently have an open position for this week. The USD/CAD daily chart shows that the price is struggling to break above 1.40566 which is acting as resistance.
The USD/CAD 4-hour chart shows the price dropping after failing to stay above 1.4050 level. It’s now trading near 1.4014, a bit below the 50MA.
I’ve opened a short position at 1.40364, and the price is currently trading just below that at 1.4014. The pair seems to be in a consolidation phase, but there’s potential for the price to move lower.
I’m planning to set my stop loss at 1.4060, just above a nearby resistance level, For take-profit levels, my first target is 1.3975, which lines up with support. If the price breaks below that, my next target will be 1.3837, near the 50MA.
Here is an update on my trade from last week. The price failed to break below the 1.3980 level and eventually reversed. Fortunately, I was able to close my trade slightly below my entry price before the price moved in another direction. It wasn’t the move I was hoping for, but I’m glad I managed to close it and avoid turning it into a losing trade.