USD/CAD Signal Update
Yesterday’s signals expired without being triggered.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be entered between 8am and 5pm New York time today.
Short Trade 1
Short entry after bearish price action on the H1 time frame immediately following the next touch of 1.2554.
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 run.
Short Trade 2
Short entry after bearish price action on the H1 time frame immediately following the next touch of the bearish trend line which currently sites at around 1.2600. If the rejected bullish thrust is also reversing off the 1.2650 level, this will be even better.
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 run.
Long Trade 1
Long entry after bullish price action on the H1 time frame immediately following the next touch of the bullish trend line which currently sites at around 1.2395.
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 run.
USD/CAD Analysis
We still remain within the consolidating triangle that has been forming for more than a month.
The most interesting feature is that a break below the triangle could see a sharp fall all the way down to 1.1210 as there seems to be a large “hidden gap” below.
Otherwise, there are obvious plays for bounces within the triangle.
There are high-impact events scheduled for both the CAD and the USD today. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time. Regarding the CAD, there will be a release of Ivey PMI data at 3pm.