USD/CAD Signal Update
There are no outstanding signals.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be made between 8am London time and 5pm New York time today.
Long Trade 1
Go long if the price is above 1.3050 at 9am London time.
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.
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
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2959.
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.
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
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.3128.
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.
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
The USD has really fallen out of favour recently, and that is especially noticeable in this pair. There is a very long-term and strong bullish trend that has dominated here for many, many months, and it seems to be now either pulling back very steeply or even reversing. The fall over the past several days has been very strong and that is partly due to the recovery we are seeing in oil prices, as well as some better than expected numbers in recent Canadian economic data releases. For these reasons, I am more comfortable being short of this pair, but we can probably expect a bounce at some supportive level after such a fairly sharp fall, so trading both sides should make sense.
There are no high-impact releases due today concerning the USD. Regarding the CAD, there will be a release of Building Permits data at 1:30pm London time.