$ Cad

As I write at 0452 GMT the $/Cad is trading at 1.0379. The trade initiated in the last post is up 34 points, on a position which is 1/3 of my normal. In our accounting convention this is a paper profit of about 11 points .

The support at the lower trend line of the falling wedge, which is the reason for the trade is solid and the market seems to be charting out a right shoulder on a 15 minute view.

Those of you who have done our course will know that ALL wedge trades are counter trend and thats why i am conservative on the size of the position.
Tom Hougaard is convinced that i see wedges under the kitchen sink.

I am holding the trade overnight and if its OK in the morning will consider adding to the trade size.

I am hoping that the Gpb/Yen will pull back and KISS the trend line, marking the bottoms of the rising wedge, that I showed yesterday. This would be a good place to consider a new short position in this very challenging pair. Nothing to do at this stage of the trading day.

So lots to do at the start of the London session.

Have a great evening.