By: DailyForex.com
USD/CAD Signal Update
Yesterday’s signals were not triggered as the price never reached 1.3620.
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 reversal upon the next touch of 1.3620.
* 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 touch of 1.3550.
* 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
The price held up OK yesterday despite initially falling with some momentum during the early part of the London session. The price has come back and is currently breaching 1.3750 and again threatening the previous multi-year high made last week at 1.3780.
If the Federal Reserve will raise US rates later, this pair will be the most logical candidate to exploit the expected bullish move in the USD, with no obvious resistance before 1.40000.
There is nothing due today regarding the CAD. Concerning the USD, there will be a release of Building Permits data at 1:30pm London time, followed by the FOMC at 7pm.