USD/CAD Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 1.2971.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be entered 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 1.2946.
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.
Take off 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 2
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2800.
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.
Take off 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 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.
Take off 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.
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.
Take off 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.
USD/CAD Analysis
This pair rose very strongly yesterday with real momentum, before falling quite sharply at about 1.3050, not far from the anticipated resistance at 1.3064.
It is hard to say what is going to happen with this pair, I think overall it is going to be choppy but with wide swings. The good news is that in this condition, trading at the identified support and resistance levels – or at turns quite close to them – is probably going to be a profitable trading tactic.
There are no high-impact releases due today concerning the CAD. Regarding the USD, there will be a release of Building Permits data at 1:30pm London time.