Start Trading Now Get Started
Table of Contents
Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

USD/CAD Forex Signal - 20 April 2015

By Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

USD/CAD Signal Update

Last Thursday’s signal was not triggered as the price did not return to 1.2370.

Today’s USD/CAD Signals

Risk 0.75% per trade.

Trades may only be entered today between 8am and 5pm New York time.

 

Short Trade 1

  • Go short after bearish price action on the H4 time frame immediately following the next test of 1.2250.

  • 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.

 

Short Trade 2

  • Go short after bearish price action on the H4 time frame immediately following the first test of the area between 1.2365 and 1.2400.

  • 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.

 

Long Trade 1

  • Go long after bullish price action on the H4 time frame immediately following the first test of 1.2050.

  • 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

USD/CAD Analysis

The price continued to fall very sharply, coming close to the anticipated support level at 1.2050 where it turned and rose sharply by about 200 pips. Since then the price has been falling off and volatility is normalising.

Another failed test of 1.2250 should give another opportunity to get short. It seems likely we will reach this level before we get to the support at 1.2050, where there should be another long bounce.

This pair has been a big mover in the market and should provide some nice trades in the near future.

USDCAD 42015

There are high-impact events scheduled today concerning the CAD but not the USD. At 3:05pm London time the Governor of the Bank of Canada will be speaking at a conference.

Adam Lemon
About Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

 

Most Visited Forex Broker Reviews