USD/CAD Signal Update
Last Thursday’s signals were not triggered as there was no extremely bullish price action at 1.3045.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be entered before 5pm New York time today.
Long Trade 1
* Go long after bullish price action on the H1 time frame immediately following the next touch of 1.2800.
* 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 entry into the zone between 1.3166 and 1.3209.
* 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
This pair continued to fall strongly at the end of last week, making new lows before suddenly turning around and rising with some force. The recovery in the USD has continued since this week’s open and the pair continues to move up. It is quite probable that no key levels will be hit today so there will probably be better opportunities elsewhere.
There is nothing due today concerning either the CAD or the USD.