Trading the trend: long USD/CAD
Tuesday’s higher-than-expected US inflation print led to a surge in the US dollar.
We would like to go long USD/CAD as it broke through some major resistance and is expect it to rise towards its November peak. A stop loss can be placed at $1.3355 with a profit target of around $1.3845.
(AI Video Summary)
New York cotton futures and USD/JPY trading outcomes
In this week's "Trading the trend", Axel Rudolph talks about some recent trades that he's made and gives advice for traders who are new to the market. He first mentions a successful trade he made in New York cotton futures. The price went higher than he expected, so he emphasises the importance of using trading stops to protect profits. He suggests either raising the take profit order or cashing in the trade.
Another profitable trade he mentions is the long USD/JPY trade. The price has risen significantly since he got in, but he suggests setting a stop loss to protect the profits. He explains that traders can either cash in the profits or let the trade continue with the stop loss in place.
This week's trading opportunity
Rudolph then talks about the recent US inflation print and how it affected the US dollar. He believes that the dollar will continue to appreciate, especially against the Canadian dollar. He suggests going long on the USD/CAD currency pair, with specific entry, stop loss, and upside target levels provided. A stop loss can be placed at $1.3355 with a profit target of around $1.3845.
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