USD/CAD Signal Update
Last Thursday’s signals produced a nicely profitable long trade following the bullish rejection of the support identified at 1.4050 following inside bar breaks off the support.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be taken between 8am London time and 5pm New York time today only.
Long Trade 1
* Go long following a bullish price reversal upon the next touch of 1.4050.
* 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 reversal upon the next entry into the zone between 1.4165 and 1.4189.
* 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
We made another 11 year highs but as I predicted “there are monthly highs not far above that should act as at least short-term resistance” and that was the resistance from 1.4165 to 1.4189 which has held the latest advance. Unfortunately there is not really any clear-but support before 1.4050 so it might not be easy to find a long entry today. However if we do manage to get up to 1.4165 again I would be prepared to look for a short there even if this happens today.
There is nothing due today concerning either the CAD or the USD.