USD/CAD Swing Trading 10 Pip Stop Loss 200 Pip Take Profit Target
USD/CAD is a highly volatile pair. It changes direction all of a sudden.
If you want to trade USD/CAD profitable then you must focus on keep the stop loss small.
I use H4 timeframe to make the entry direction once I have analyze the daily and the weekly timeframes.
Read this new blog post in which I analyze a USD/CAD naked swing trade that made 200 pips profit with a small 10 pips stop loss.
USD/CAD moves a lot on Bank of Canada announcements. You should keep an eye on Bank of Canada news release schedule.
USD/CAD is also negatively correlated with Crude Oil. After all Canada is a major oil exporting country perhaps the biggest oil exporter to USA.
Whatever happens in the oil market affects USD/CAD.
Keep these facts in mind.
As always focus on risk management more than anything else.
