The USDCAD moved down briefly after the UK open. Brent crude moved down as well… which meant as oil was weakening the USDCAD is primed to move up and we noted the reversal setup. Oil had started the week soft and it was not a surprise to see it continue as WTI was unable to sustain over $45 the day before in New York.
A long is taken after the reversal setup risking 23 pips for 72 pips to our Target 2. As price moved up through the levels, we allowed a few pips of wiggle room – adjusting our profit stop to lock in profits. We kept it especially tight as the US session got underway and we are closed.
Good luck with your trading!