USD/CAD Signal Update
Yesterday’s signals produced a losing long trade at 1.2765.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered between 8am London time and 5pm New York time today only.
Long Trade 1
Go long after bullish price action on the H1 time frame following the next touch of 1.2592.
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.
Short Trade 1
Go short after bearish price action on the H1 time frame following the next touch of 1.2750.
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.
USD/CAD Analysis
Yesterday was a very strong downwards move within a very strong long-term downwards trend. The outlook looks very bearish as crude oil and stocks continue to recover and the U.S. Dollar continues to look weaker. However we are approaching a price zone that was previously more congested so the move might begin to slow down.
There is nothing due today regarding the CAD. Concerning the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.