Forex (USD/CAD update)

First recommended on July 24th and then updated on July 27th, it looks like the USD/CAD trade is proving to be a success, and is up roughly 200 pips so far.

We had a nice initial move from the entry but then it pulled back ;luckily we never quite got stopped out, and instead double bottomed before the big run.

Where to from here? If you want to keep riding it for more profits (mid 1.28's look doable, and is where we were about a month ago), I suggest setting a new stop around the 1.26 area, so as to at least guarantee 100 pips. Also, if it makes it under the area marked in the picture above where the new stop is, more weakness could persist.

Banking 200 pips is not a bad move either, it really just depends if you believe this US Dollar pop is a dead cat bounce or actually has legs.

On t