Forex Trade - USD/CAD

Trade review and idea on USDCAD:

As you can see in the yellow box on the chart that the trade went my direction for a max 95 pips. I decided to take the trade off when it hit the 50 SMA for a total of 80 pips.

I'm still watching this pair looking to go long or short again if it breaks one of the fib extension levels as drawn on the chart. No specific entry points. I'm just going to keep an eye on it for a few more days.

In the options world I've entered new iron condor postions but the market has moved closer to my calls in RUT. So, to hedge I bought Aug 06 ATM calls on IWM just in case. Should soften the blow just in case my written calls go ITM. If not I'll keep my position in IWM and continue to write calls against it until August expiration for extra credits to my account. I love options!

USDCAD - 03/09/06

Here's a trade idea on USDCAD:














Short at the top of the channel at about 1.600. Stop above 1.1650. Target the middle of the channel around 1.1500.