USD/CAD Signal Update
Last Thursday’s signals expired without having been triggered.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be taken between 8am and 5pm New York time today only.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2800.
Place 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 run.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.2971.
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 price reaches 20 pips in profit and leave the remainder of the position to run.
Short Trade 2
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.3064.
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 price reaches 20 pips in profit and leave the remainder of the position to run.
USD/CAD Analysis
The resistance which I had identified last week at 1.2971 seems to be extending all the way down to 1.2950. It therefore seems that the most likely move today will be in a downwards direction, although it probably will not be a very strong move as it should be a rather quiet trading day today anyway. There are also signs of some serious buying coming in at around 1.2850.
There are no high-impact releases due today concerning either the CAD or the USD.