USD/CAD Signal Update
Yesterday’s signals expired without being triggered as although the price did reach 1.2739, there were hourly closes above that level before the subsequent bearish reversal began.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be entered today before 5pm New York time.
Long Trade 1
Long entry after bullish price action on the H1 time frame immediately following the next test of 1.2613.
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.
Long Trade 2
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 1.2750.
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
This pair powered up yesterday, hitting and far exceeding the anticipated resistance at 1.2739 before finally plummeting later after strong Canadian GDP data was released.
At the time of writing, the USD is showing signs of coming back, and the price is rising.
The level at 1.2613 seems to have flipped so could act as support if we return there.
Likewise we have again seen resistance above the psychologically key number of 1.2750, and this remains a crucial area in which to seek short trades for the time being.
There are no high-impact events scheduled today concerning the CAD. Regarding the USD, there will be a release of ADP Non-Farm Employment Change data at 1:15pm London time. Later at 3pm there will be ISM Manufacturing PMI.