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 from 8am London time to 5pm New York time today.
Short Trade 1
* Short entry after bearish price action on the H1 time frame following the next touch of 1.3500.
* 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
The price rose yesterday to a level only about 6 or 7 pips short of the anticipated resistance at the key number of 1.3500 before turning around and falling, making the high of the day. There are no obvious key levels anywhere nearby below the price so support is very unpredictable. In fact the price rose very strongly up through the area below the last time it was passing through, so there may be a “hidden gap” through which the price can move very fast.
The price at 1.3500 should still be great resistance and there is high-impact USD news coming later today and tomorrow that might push the price up there, ideally in the form of a spike that falls off quickly.
There is nothing due today concerning the CAD. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time followed later by ISM Non-Manufacturing PMI at 3pm.