USD/CAD Signal Update
Yesterday’s signals produced a profitable short trade off the resistance I had identified at 1.3370 which held practically to the pip. This trade would still be open and if the USD news due later is disappointing it will be worth hanging onto.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered between 8am London time and 5pm New York time today only.
Long Trade 1
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of the broken bearish trend line currently sitting at around 1.3240.
* 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 1.3250.
* 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 3
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.3190.
* 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 1.3370.
* 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 trade is 20 pips in profit and leave the remainder of the position to ride.
USD/CAD Analysis
Although the USD is strong, and this pair has been on an upwards trajectory lately, as the price of
oil is so volatile this pair has come to seem a dangerous trade lately. There is long-term resistance overhead and we have already come down off the key level of 1.3370 so poor USD news could provoke a fall down to the 1.3200 area later today.
There is nothing due today regarding the CAD. Concerning the USD, there will be a release of CPI data at 1:30pm London time.