USD/CAD Signal Update
Last Thursday’s signals were not triggered and expired.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be taken from 8am London time until 5pm New York time today.
Long Trade 1
* Go long after strongly bullish price action on the H1 time frame following another dip into the zone between 1.3225 and 1.3166.
* 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.
USD/CAD Analysis
The supportive zone I identified last week below 1.3225 has indeed provided some support, and at the time of writing the price is rising out of there as the U.S. Dollar seems to be recovering somewhat as this week opens.
The long-term trend in this pair must be said to be strongly bearish, there has not even been a really meaningful counter-trend move over a thousand pips or so of downward movement. The price is now lower than it was both three months and six months ago which I see as significant. However we are approaching an area where there was previously some consolidation, so the trend might begin to slow down.
I do not see any key resistance before the 1.3500 number, but there is likely to be resistance anywhere above 1.3300, especially at or above 1.3400.
There is nothing due today concerning either the CAD or the USD.