USD/CAD Signal Update
Last Thursday’s signals were not triggered as the price never reach 1.4313.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered before 5pm New York time today.
Long Trade 1
* Go long following a bullish price reversal upon the next touch of 1.4313.
* 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 after bearish price action on the H1 time frame following a touch of 1.4584.
* 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 has been incredibly bullish for a long time now, lately more so than ever. However this week opened with a gap up just above the possible resistance level identified on the chart at 1.4584 and the pair has fallen from there, even as the price of crude oil continues to fall, trading at the time of writing at a price below $29 per barrel.
The pair should still be a good buy on a pullback but it might be that a deeper one is overdue. There is quite probably going to be minor support at 1.4400 so it might not be necessary to wait for a fall all the way to 1.4313.
There is nothing due today concerning the CAD. Regarding the USD, it is a public holiday in the USA today.