USD/CAD Signal Update
Yesterday’s signals expired without being triggered.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered before 5pm New York time today only.
Long Trade 1
* Long entry following a bullish price reversal on the H1 time frame upon the next entry into the zone between 1.3650 and 1.3620.
* 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 on the H1 time frame upon the next touch of 1.3550.
* 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 1.3900.
* 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
This pair has been looking as if it might be finally finding a solid bottom after falling for many weeks. That bottom at around 1.3620 to 1.3650 is still intact but the price still just won’t break up and hold above any kind of technical level that would make it look as if an upwards move has really started. The longer we go without breaking below 1.3620, the more likely it is that this turn is going to happen here, but for the time being it is still a situation of watchful waiting.
There is nothing due today concerning the CAD. Regarding the USD, there will be releases of Core Durable Goods Orders and Unemployment Claims at 1:30pm London time.