USD/CAD Signal Update
Last Thursday’s signals were not triggered.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be taken from 8am New York time until 5pm London time today.
Long Trade 1
Go long after bullish price action on the H1 time frame immediately following the next touch of 1.3138.
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 1.3400.
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
Although the price has been moving up quite strongly, it has to be said that the pair is still in a long-term strong downwards trend, and has not yet violated any key lower highs. The next key resistance level is at 1.3400, but it looks as if 1.3300 and possibly also 1.3350 could act as minor resistance and provide intraday turning points.
If 1.3138 survives a further strong downwards move, it would be a bullish sign that the downwards trend might be coming to an end, but the long-term bearish trend line at the top of the chart will be the final decider of that.
There is nothing due today concerning either the CAD or the USD.