USD/CAD Signal Update
Yesterday’s signals expired without being triggered.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered between 8am New York time and 5pm London time today only.
Long Trade 1
Long entry after bullish price action on the H1 time frame immediately following the next touch of 1.3138.
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 touch of 1.3400.
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
Although we did not reach the anticipated support level at 1.3138, looking at recent candlesticks on the chart below does suggest a continuing upwards movement, with the candles showing what look to be a clean upwards turn and a higher low. As the USD remains fairly strong everywhere, it seems as if we are heading upwards again to 1.3300 at least.
There is nothing due today concerning the CAD. Regarding the USD, there will be a release of CB Consumer Confidence data at 2pm London time, and the Chair of the Fed will be speaking at an event at 3:30pm.