USD/CAD Signal Update
Last Thursday’s signals produced a profitable long trade off the retest of the broken trend line.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be made 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 1.3237.
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.
Long Trade 3
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of the broken bearish trend line currently sitting at around 1.3100.
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.
USD/CAD Analysis
Oil has been quite weak over the last few days so this pair was able to rise strongly following the USD-positive news releases that occurred in the latter half of last week.
The price has run into the long-term resistance at 1.3305 and has been falling from there. As the touch is so recently I am not looking for another possible short trade from that level today.
There are two inflection levels below that might be supportive although I see 1.3191 as more likely to be supportive than 1.3237.
There is nothing due today regarding either the CAD or the USD.