USD/CAD Signal Update
Yesterday’s signals were not triggered as unfortunately the price did not quite reach the support at 1.4050.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be taken before 5pm New York time today.
Long Trade 1
* Long entry following a bullish price reversal upon the next entry into the zone between 1.4189 and 1.4170.
* 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.
Long Trade 2
* Long entry following a bullish price reversal upon the next touch of 1.4050.
* 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 bearish price reversal upon the next touch of 1.4313.
* Place the stop loss 1 pip above the local swing high.
* 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
We made yet another 11 year high yesterday, easily breaking through the previous resistant zone from 1.4170 to 1.4189 which should now have flipped to support. The main driver is the price of crude oil which is in the current fearful climate in addition to local factors continues to fall and also make new multi-year lows. This pair is more or less the best trend in the markets and so be extremely careful about trying to hold onto any shorts. I do not have a great deal of confidence in 1.4313 as a resistant level, it is just the only level that can be picked out anywhere close by: it was previously a monthly low.
There is nothing due today concerning either the CAD or the USD.