USD/CAD Signal Update
Yesterday’s signals produced a profitable long trade of 20 pips following yesterday’s bullish rejection of the supportive trend line.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered only before 5pm New York time today.
Long Trade 1
* Go long if the price is between 1.3333 and 1.3350 at 10am London time.
* 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 action reversal on the H1 time frame immediately upon the next touch of the supportive bullish trend line currently sitting at around 1.3305.
* 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 3
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next entry into the zone between 1.3225 and 1.3191.
* 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 bearish price action reversal on the H1 time frame immediately upon the next touch of 1.3457.
* Put the stop loss 1 pip above the local swing high.
* 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
This pair initially looked like it was going to break upwards yesterday, before falling quite sharply following the Bank of Canada’s less-than-dovish monthly statement, and then getting another knock upon a statement from Iran which suggested a dramatic impact upon the price of crude oil.
Despite all this, the supportive trend line I have placed on the charts during the past few days is holding, and at the time of writing it looks like we could get a move up from here. If instead the price is pushed down suddenly by USD announcements later, look to the 1.3225 support, which is quite likely to be a truly excellent area in which to get long.
There is nothing due today regarding the CAD. the USD, there will be a release of Unemployment Claims data at 1:30pm followed by ISM Non-Manufacturing PMI and testimony from the Chair of the Federal Reserve.