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USD/CAD Forex Signal - 5 May 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

Yesterday’s signals expired without being triggered as there was no bullish price action at either of the key levels after the New York open.

Today’s USD/CAD Signals

Risk 0.75% per trade.

Trades must be taken before 5pm New York time only.

 

Short Trade 1

  • Go short after bearish price action on the H1 time frame immediately following the next entry into the zone between 1.2188 and 1.2211.

  • 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 next entry into the zone between 1.2071 and 1.2056.

  • 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

After falling somewhat yesterday, the price has been rising, but not very convincingly. The longer-term momentum is definitely to the downside and the current oscillation is probably due to the fact that both sides of this pair will be getting some major news today. A short off a spike up to the 1.2188 zone would probably be a great trade. A break down below 1.2050 would be a very bearish sign.

USDCAD 5515

There are high-impact events scheduled today concerning both the USD and the CAD. There will be a release of both U.S. and Canadian Trade Balance data at 1:30pm London time, followed later at 3pm by U.S. ISM Non-Manufacturing PMI.

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.

 

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