Swing Trader’s Insight-Today’s Canadian Dollar Trade

I tried selling the Canadian dollar yesterday.MACD showed an incipient bearish crossover, and I was looking for followthrough selling when the red trendline was broken.Yesterday’s selloff ran out of gas, and reversed back up, stopping me out for a small loss.With the bearish MACD crossover in place, I was still looking for a short sale today.The initial sale point was at yesterday’s low of 8096, but I didn’t have an order working to sell there.It quickly dropped down to make a new intraday low at 8077, and I placed the order to sell at 8075, on a break to a new low.I got stopped in, and they dropped to a new low at 8032.The short term pattern turned sideways, and I lowered the stop to lock in a profit.Following the release of the DOE crude inventory report it appeared that many physical commodities were attempting to bottom, so I covered at 8040.I will look for another opportunity to short this market-maybe on a rebound back toward 8100.

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