USD/CAD Signal Update
Yesterday’s signals were not triggered and expired.
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
The pair has been continuing to strengthen as the USD continues its positive run, though the run is not hugely bullish and is a little restrained. However the resistance above which begins at 1.3166 still looks good, and it might well start to be felt as soon as the price reached 1.3150, so the price action should be closely watched if and when the price reaches that level.
There is nothing due today concerning the CAD. Regarding the USD, there will be a release of Crude Oil Inventories data at 2:30pm London time.