USD/CAD Signal Update
Last Thursday’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.
Long Trade 1
Go long after bullish price action on the H1 time frame immediately following the next touch of 1.2564.
Place the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is 20 pips in profit.
Take off 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
Things are a little messy right now as we are stuck between two competing trend lines. The trend line above looks more solid as it has just had a second touch, even though it is shorter-term, so if that holds today it should be a bearish sign.
However if the price falls right now down to 1.2564, which was previously a swing high, it could flip to support if this pair is destined to continue its move up and break out of its consolidating triangle pattern.
After the Euro, the Canadian Dollar is the weakest currency over the long-term, so if the USD continues its bullish run – which is likely – it should be that we will eventually see a breakout to the upside by this pair.
There are no high-impact events scheduled today concerning either the CAD or the USD. Therefore it will probably be a quiet day for this pair.