USD/CAD Signal Update
Yesterday’s signals were not triggered as the bearish price action took place above the 1.3400 level.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be taken before 5pm New York time today.
Short Trade 1
* Go short after bearish price action on the H1 time frame following the next touch of 1.3500.
* 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.
Long Trade 1
* Go long after bullish price action on the H1 time frame following the next touch of 1.3377.
* 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.
USD/CAD Analysis
Finally there are initial signs of some bullishness with this pair, as a flipped support to resistance level at 1.3377 may have been flipped back. The price also broke up past the nearby round number at 1.3400. If the price can hold up above there, it looks as if it will continue to rise to test 1.3500. However there is major news due later today as the Bank of Canada give their monthly report, so there will quite probably be a lot of volatility at that time which might make the overall technical picture very unclear.
Regarding the CAD, the Bank of Canada will release their Rate Statement and Overnight Rate at 3pm London time. Concerning the USD, there will be a release of Crude Oil Inventories data at 3:30pm.