USD/CAD Signal Update
Yesterday’s signals were not triggered.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be entered between 8am London time 5pm New York times today.
Long Trade 1
* Go long after bullish price action on the H1 time frame following a 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.
Short Trade 1
* Go short after bearish price action on the H1 time frame following the next touch of 1.3500.
* 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
It looks like we are finally getting a bullish turnaround with this pair, but it might not last for long as the FOMC releases due later after the London close are likely to create a lot of volatility and might push the price in a new direction. However the line of least resistance is starting to look upwards. Note from the chart how the round number at 1.3400 acted as minor resistance. That might come into play again before the FOMC releases. The major test of any forthcoming upwards move will probably come at the key psychological level of 1.3500.
Concerning the CAD, there will be a release of Manufacturing Sales data at 12:30pm London time. Regarding the USD, there will be a release of Building Permits and CPI data at 12:30pm, followed later by Crude Oil Inventories at 2:30pm and then the FOMC releases commencing at 6pm.