USD/CAD Signal Update
Last Thursday’s signals were not triggered and expired.
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 1.4050.
* 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 after bearish price action on the H1 time frame following a touch of 1.4227.
* 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.
Short Trade 2
* Go short after bearish price action on the H1 time frame following a touch of 1.4314.
* 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 fell very strongly over the last two days of the previous week, and although late in the Asian session didn’t show a sign of a strong upwards move coming, the price came up quite strongly as London opened. The first real obstacle to any rise should be the resistance level at 1.4227.
It is true that in a strong bullish trend such as this pair has, a sudden fall as sharp as last week’s should probably be followed by a bullish bounce. Therefore I think there are still going to be good long opportunities here. If this week also closes down, it might suggest a different story.
There is nothing due today concerning either the CAD or the USD.