USD/CAD Signal Update
Yesterday’s signals were not triggered as the price never reached either 1.2430 or 1.2550.
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, but not from 7pm to 7:30pm London time.
Any open trade at 6:30pm London time should be protected.
Long Trade 1
Long entry 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 1.2432.
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 1.2550.
Place 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
Short entry 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.
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
The pair was relatively quiet yesterday but has been falling over recent hours to threaten the key bullish trend line at around 1.2432.
This pair will be heavily affected by the FOMC release later today and therefore trades taken before that time are likely to be unpredictable.
The trend lines, especially the bullish trend line, are likely to be key to what happens next.
There are no high-impact events scheduled today concerning the CAD. Regarding the USD, there will be a release of the FOMC Meeting Minutes at 7pm London time.