USD/CAD Signal Update
Yesterday’s signals were not triggered as there was no bullish price action at 1.3031.
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 1.2800.
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 touch of 1.3049.
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 fell sharply on U.S. crude oil inventory data yesterday before recovering quite convincingly once the stops at the recent swing low were uncovered. There are no key levels below anywhere nearby, and as the price is in a convincing long-term downwards trend, the most likely set up that will occur is a pullback to resistance at 1.3049 or further up at 1.3133. There will almost certainly be a lot of volatility around the New York open with major data releases sue simultaneously for both currencies.
Concerning the CAD, there will be a release of GDP data at 3:30pm London time. Regarding the USD, there will be a simultaneous release of Unemployment Claims data.