USD/CAD Signal Update
Yesterday’s signals produced a profitable long trade good for 20 pips following the pin candle on the hourly chart rejecting the supportive zone that begins at 1.3225.
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 after strongly bullish price action on the H1 time frame following another dip into the zone between 1.3225 and 1.3166.
* 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.
USD/CAD Analysis
The big picture here remains strongly bearish, although we saw some support holding yesterday, with a move up coming just after an attempt at moving further down to new lows failed. It is quite likely however that we will not get back to the supportive zone today so there will probably not be another opportunity there just yet.
There is no really key resistance level above before 1.3500 but the level at 1.3400 might also be interesting. There might also be a reaction if the price manages to get above 1.3314 which was the most recent swing high during relatively high volatility.
There is nothing due today concerning the CAD. Regarding the USD, there will be a release of Retail Sales and PPI data at 12:30pm London time.