By: DailyForex.com
USD/CAD Signal Update
Last Thursday’s signals were not triggered and expired.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered before 5pm New York time today only.
Long Trade 1
* Go long following a bullish price reversal upon the next touch of 1.3850.
* 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.
Short Trade 1
* Go short following a bullish price reversal upon the next touch of 1.4000.
* 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 pair made yet another 11 year high on Friday, just touching my anticipated resistance level at 1.4000 at which is reversed almost to the pip. A glance at the chart below shows that the picture is still tremendously bullish but after the explosive 600 pip move of the past two weeks or so, it may be time for a pause.
The longer it takes to touch 1.4000 again and the strength of any double top that may be made there is quite likely to dictate how much of a pullback we are going to get.
There is every chance that the trend will simply continue, and the level at 1.3850 looks like the nearest attractive entry.
There is nothing due today concerning either the CAD or the USD.