USD/CAD Signal Update
Yesterday’s signals were not triggered and expired.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be taken between 8am London time and 5pm New York time today.
Long Trade 1
* Long entry after bullish price action on the H1 time frame immediately following the next touch of 1.2800.
* 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 the next entry into the zone between 1.3166 and 1.3209.
* 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
It looks as if this pair found some resistance at the round number of 1.3100 late yesterday, and it has been falling from there ever since. Although this wasn’t a key level – and the nearest key resistance level I have is at 1.3166 – it is not a big surprise to see the price going down as we are in a very strong, long-term downwards trend, so it makes sense to maintain a bearish bias.
There is nothing due today concerning either the CAD or the USD.