USD/CAD Signal Update
Yesterday’s signals produced a losing trade following a pin bar on the hourly chart rejecting the highlighted resistance zone.
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 following a bullish price reversal upon the next entry into the supportive zone from 1.3435 to 1.3416.
* 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
Yesterday OPEC announced that they would raise their total output and this had the effect of sending this pair on a bullish breakout of the consolidating triangle to make a new 11 year high. There was some initial resistance at 1.3437 but this was quickly broken and the price is now trading in blue sky with no obvious shorting levels. Another up day looks likely, but the price might require a pull back during the London session first before really taking off later, although it has already made a new high since London opened this morning so it might well just go straight up.
There is nothing due today regarding the USD. Concerning the CAD, there will be a release of Building Permits data at 1:30pm London time, followed by a speech from the Governor of the Bank of Canada at 5:50pm.