USD/CAD Signal Update
Yesterday’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 1.3225.
* 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.
* 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
We had a move up yesterday followed by a fall right back down to where we started from.
This pair is in a long-term upwards trend, but the trend seems to be running out of steam, although it is still valid. The action of recent weeks has been choppy, driven by some volatile fluctuations in the price of crude oil which tends to drag along the price of CAD in its wake wherever it goes.
There is no change in the technical levels, and I still await a fall down to 1.3225 before it gets really interesting for a possible long trade.
There is probably minor resistance 1.3325
There is nothing due today regarding the CAD or the USD. It is a public holiday today in the U.S.A.