USD/CAD Signal Update
Yesterday’s signals were not triggered as none of the key levels were touched.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be taken between 8am London time and 5pm New York time today.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.3225.
* 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.
Long Trade 2
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.3191.
* 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 1.3457.
* 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 trade is 20 pips in profit and leave the remainder of the position to run.
USD/CAD Analysis
We had another fairly small move down yesterday, but unfortunately we did not reach the first level of interest yet. In fact the price has turned around with a bit of bullishness this late Asian / early London trading session.
This pair remains choppy and volatile and the best odds probably lie with hoping for a fall to 1.3225 or below and for a major bullish reversal to occur there.
Regarding the CAD, there is nothing due today. Concerning the USD, there will a release of Core Durable Goods Orders and Unemployment Claims data at 1:30pm London time.