USD/CAD Signal Update
Last Thursday’s signals expired without being triggered.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be taken from 8am London time until 5pm New York time today.
Long Trade 1
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of the supportive bullish trend line currently sitting at around 1.3296.
* 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 1.3457.
* 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
I wrote last Thursday that there was still a valid bullish trend here, but that it appeared to be running out of steam. It just goes to show that as long as a price is holding its lows and has been in an uptrend to never give up on the trend, for this pair has come back to life and mad a sustained and steady upwards move.
We can draw a supportive trend line below but be careful as it is not the best trend line.
In terms of support and resistance, there is not much else anywhere nearby, except the resistance at 1.3457 which might well provide a reversal for a pull back.
There is nothing due today regarding the CAD or the USD.