USD/CAD Signal Update
Yesterday’s signals expired without being triggered as the price never reached either 1.2553 or 1.2430.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be entered today between 8am London time and 5pm New York time.
Long Trade 1
Go long after very strong bullish price action on the H1 time frame immediately following the first retest of the bullish trend line currently sitting at around 1.2430.
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 1.2550.
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.
Short Trade 2
Go short after bearish price action on the H1 time frame immediately following a clean break and retest from below of the lower channel trend line currently sitting at around 1.2430.
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
There has been little change since yesterday’s analysis and it is significant that we have not had a strong bounce off the lower channel trend line. This trend line is very key to this pair’s near-term future. It may be that the USD will be very quiet now until tomorrow’s FOMC meeting minutes, but we may get a breakdown of the trend line in advance of that. It is worth being cautious with any trade and protecting profits before the FOMC release.
There are no high-impact events scheduled today concerning either the CAD or the USD.