USD/CAD Signal Update
Yesterday’s signals were not triggered as the bullish price action came in a little below 1.3850.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be entered between 8am London and 5pm New York times today.
Long Trade 1
* Long entry following a bullish price reversal upon the next touch of 1.3840.
* 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 ride.
Short Trade 1
* Short entry following a bullish price reversal upon the next touch of 1.4000.
* 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 ride.
USD/CAD Analysis
As at the time of writing, there may be on opportunity to go long, as the price seems to be finding support just below 1.3850, which was previously resistance recently. You will probably have to be patient in holding such a trade for several days through a very thin market if you do choose to go long. Although the turn looks to be weak and may not hold, if the price just won’t really fall after the London open a move up could gain some strength if we get positive economic data from the U.S. later short after New York opens for business.
There is nothing due today concerning the CAD. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.