USD/CAD Signal Update
Yesterday’s signals were not triggered as unfortunately the price reached a high just 2 pips short of the anticipated resistance at 1.4584 before turning and falling heavily.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be taken between 8am and 5pm New York time today.
Long Trade 1
* Long entry following a bullish price reversal upon the next touch of 1.4400.
* 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 1
* Long entry following a bullish price reversal upon the next touch of 1.4313.
* 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 after bearish price action on the H1 time frame following a touch of 1.4584.
* 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
Finally we have a failure of an upwards swing at a key resistance point, which happened last night as the price just was not able to get any higher than 1.4584, and it has been falling quite sharply from that area over the Asian session and in early London trading today.
There is a still a very strong upwards trend in this pair so the chances are that it is just a question of how far the pullback will go before we get another upwards swing. The round number at 1.4400 saw a breakout and therefore is a good candidate. The level at 1.4313 is also significant as it was a previous key swing high.
There is nothing due today concerning either the CAD or the USD.