USD/CAD Signal Update
Yesterday’s signals expired without being triggered as although the price did reach 1.2613 there was no bullish reversal there.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be entered today before 5pm New York time.
Long Trade 1
Go long after bullish price action on the H1 time frame immediately following the next test of 1.2545.
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 run.
Short Trade 1
Go short after bearish price action on the H1 time frame immediately following the next test of 1.2750.
Place the stop loss 1 pip above the local swing high.
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 run
USD/CAD Analysis
The pair continued to fall yesterday and did not bounce at the expected support at 1.2613. However overnight the whole number at 1.2600 does seem to be offering some local support. The best trade would now look to be a bullish bounce off 1.2545.
Overall we remain firmly within a long-term slightly bullish channel.
There are high-impact events scheduled today concerning both the CAD and the USD. Regarding the CAD, there will be a release of Trade Balance data at 1:30pm London time. At the same time, there will be releases of U.S. Trade Balance and Unemployment Claims data.