By: DailyForex.com
USD/CAD Signal Update
Yesterday’s signals expired without being triggered.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be taken from 8am London until 5pm New York times 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 price has been drifting down slowly as the price of oil continues to stabilize and recover somewhat, firming up the Canadian dollar.
This might provide a good opportunity to get long again in line with the major, powerful long-term trend, particularly if we get a strong bullish turn close to the crucial level of 1.3850.
Concerning the CAD, there will be a release of Core Retail Sales and GDP data at 1:30pm London time. Regarding the USD, there will be a release of Core Durable Goods Orders data at the same time.