USD/CAD Signal Update
Last Thursday’s signals expired without being triggered.
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
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.3056.
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 1.3305.
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 CAD was very weak but it made a strong comeback over recent days due partly to the strong recovery in the price of oil and partly also due to greater political certainty in Canada.
This has had the effect of pushing the price down to an area that has acted as both great support and resistance recently: the area around 1.3050. It seems that we are at the time of writing getting a nice bullish turn around here so it may already be time to get long and aim for at least 1.3150 or so. It looks like the highest-probability day trade around in the Forex market right now.
Regarding the USD, there will be a release of ISM Manufacturing PMI data at 3pm London time. There is nothing due concerning the CAD.