USD/CAD Signal Update
Yesterday’s signals expired without being triggered as neither of the key levels were reached.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be entered up to 5pm London time 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
I forecast yesterday that we would probably see a positive, bullish close by the end of today. This turned out to be correct, but really, not by very much. We have not made a new high for about two weeks now and more and more, this pair is consolidating. The long-term bullish trend cannot be said to be over, but it does seem to be taking a pause, and a move down to 1.3750 or lower before another attempt is made at breaking 1.4000 looks to be very possible.
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.