USD/CAD Signal Update
Yesterday’s signals expired without being triggered as there was no bearish price action at 1.3912.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be taken until 5pm New York time today.
Long Trade 1
* Long entry following a bullish price reversal on the H1 time frame upon the next touch of 1.3760.
* 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 1.3945.
* 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
The Canadian dollar has been weakening again which gave this price a strong upwards boost yesterday and this was helped along by a sharp fall in the price of Crude Oil. However the problem is that the USD has become very weak and therefore while it is good to short the CAD, you can’t get a lot of traction by being long the USD.
Technically, it looks like the key level that the price will have to break to really prove that the downwards trend is over will be 1.3945. At the time of writing it looks as if this price is holdig, and that we are going to take a trip back to 1.3850 at least.
There is nothing due today concerning either the CAD or the US