USD/CAD Signal Update
Yesterday’s signals expired without being triggered.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may be entered only between 8am and 5pm London times today.
Long Trade 1
* Long entry following a bullish price reversal upon the next touch of 1.3750.
* 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
This pair dominated an admittedly very thin market yesterday, moving up as crude oil fell. The move seems poised to continue today as far as we can tell from the chart, and we are some way from any key levels, so there may not initially be any great new opportunity here. However this pair is in a strong upwards trend, so day traders may seek to buy on up days like today is at the time of writing.
There is nothing due today concerning the CAD. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time.