USD/CAD Signal Update
Yesterday’s signals produced a profitable long trade off a bullish semi-pin bar rejecting 1.3550.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be made before 5pm New York time today only.
Long Trade 1
* Go long following a bullish price reversal upon the next entry into the supportive zone from 1.3518 to 1.3496.
* 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 run.
Long Trade 2
* Go long following a bullish price reversal upon the next entry into the supportive zone from 1.3435 to 1.3416.
* 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 run.
USD/CAD Analysis
This pair has been unable to move up any further and has made a possible double top at around 1.3600. However there is plenty of support below and this trend has every chance of resuming. The level at 1.3550 is mildly supportive but we have been sitting there too long, so instead I look to the two fairly narrow zones below to hold, and give opportunities to get long again following bullish reversals if and when either one is touched.
There is nothing due today regarding the CAD. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time.