Another eventful trading week of 2021 is in the books. With numerous high-impact news releases, there was an abundance of viable trade setups for traders to take.
A pair that was particularly popular among price action and smart money traders, was USDCAD. At the start of the week, USDCAD provided two entries for traders to enter short. Both entries resulted in a gain of up to +
95 pips. Later in the week, smart money traders were able to use a running of stops action to take longs to the upside.
In addition to USDCAD, CADJPY was also a popular pair among traders. This pair provided traders with an intraday entry short, resulting in profits up to +40 pips. At the current moment, the price is making its way down to the daily range low which is near 81.200. Some of this downside momentum can be attributed to the Bank of Canada keeping interest rates at 0.25%.
Today’s fundamentals were bearish for the Pound, mixed for the Euro, and bullish for the Loonie and Dollar. At the moment, much of these fundamentals haven’t translated to a logical reaction in the markets. There may be a chance that they get priced in this weekend or next week. This is something traders can exploit if executed correctly.
- Sign up for a Free Membership.
- Login to watch full recorded webinars in our Forex Trading Room.
- Chat with our traders in the Community Discord Server.
- Read yesterday’s breakdown: Manufacturing Data and USD Strength + GBPUSD Priming for Long