USD/CAD Signal Update
Last Thursday’s signal expired without being triggered.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be made between 8am London time and 5pm New York time today.
Long Trade 1
Long entry after bullish price action on the H1 time frame immediately following the next test of 1.2545.
Put the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Short Trade 1
Short entry after bearish price action on the H1 time frame immediately following the next test of 1.2739.
Put the stop loss 1 pip above the local swing high.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
USD/CAD Analysis
It looked last Thursday morning as if we were finally going to break down below a fairly long-term bullish trend line that had been keeping the price within a channel up above 1.2400 since early February. However that break down reversed dramatically and the price has been rising sharply ever since, breaking anticipated resistance at 1.2545 quite easily, which will now probably act as support.
There is local resistance at around 1.2660 which we seem to have hit already. This may drive the price down to the whole number at 1.2600 before we get another push upwards.
There are no high-impact events scheduled today concerning either the CAD or the USD.