USD/CAD Signal Update
Yesterday’s signals were not triggered as none of the key levels were reached yesterday.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered between 8am 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 1.3225, especially if the rejection is confluent with the broken bearish trend line currently sitting close to that level.
* 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 1.3190.
* 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
I wrote yesterday that the pair looked heavy and seemed poised to fall down to 1.3225. We did get a fall, but to only 1.3250 so far.
This pair is hard to predict as we get these big fluctuations in the price of oil which tends to influence the price of this currency pair. Nevertheless I think the area from 1.3225 to around 1.3190 looks like an excellent place to seek to enter a long trade.
There is nothing due today regarding the CAD. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time, followed by the Philly Fed Manufacturing Index at 5pm.