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 taken between 8am London time and 5pm New York time only.
Long Trade 1
* Go long if the price is above 1.3850 at Noon London time.
* 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.
Long Trade 2
* Go long following a bullish price reversal on the H1 time frame upon the next touch of 1.3675.
* 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 1.4000.
* 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
The USD is putting in a recovery at the time of writing and this pair is bouncing off key support at the round number of 1.3800, making a higher low after the lower bottom last week. This suggests that the price can break up past the minor resistance at 1.3850 then it will be a good bet to move up to or at least close to the next key resistance level at the psychologically important level of 1.4000. There may finally be some good long pips to get here, but it is worth being careful.
There is nothing due today concerning either the CAD or the USD.