USD/CAD Signal Update
Yesterday’s signals were not 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 1.3400.
* 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.
Long Trade 1
* Long entry after bullish price action on the H1 time frame following the next entry into the zone between 1.3225 and 1.3191.
* 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.
USD/CAD Analysis
Although we have had a move up over recent hours as the price of crude oil has taken a knock due to bad Chinese economic data, a look at the chart shows a very clear bearish picture, the price action is mostly just a seemingly endless parade of lower highs and lower lows. Therefore it looks as if any short-term upwards move to a level such as 1.3400 is going to be the best trade set-up that might occur. Having said that, the area at around 1.3225 might provide the kind of bounce that could take us up to 1.3400.
There is nothing due today concerning either the CAD or the USD.