USD/CAD Signal Update
Yesterday’s signals were not triggered and expired.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be taken before 5pm New York time today.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2971.
Put 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.
Remove 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
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.3064.
Put 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.
Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to run.
Short Trade 2
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.3128.
Put 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.
Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to run.
USD/CAD Analysis
We finally got a pull-back yesterday after the recent strong fall in this pair. The pull-back began with a small double bottom at the round number level of 1.2900. The upwards move then threatened to stall at 1.2971 before breaking upwards past that level. This suggests that this new upwards move is potentially significant, and that the level at 1.2971 is now likely to act as support. The price has already come very close to the anticipated support at 1.3064 before falling, and the action suggests a further fall now down to at least 1.3000, where the action might get choppy.
There are no high-impact releases due today concerning either the CAD or the USD.