USD/CAD Signal Update
Yesterday’s signals were not triggered as the bullish bounce at the anticipated support level of 1.2592 did not occur until after London had closed.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be taken before 5pm New York time today.
Long Trades
Long entry after bullish price action on the H1 time frame following the next touch of 1.2592 or 1.2511.
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 1.2750.
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 long-term downwards trend continues, with the price reaching new lows, the latest of which was the key support level at 1.2592. All the signs are that the downwards trend will continue although the support close to the key psychological level of 1.2500 could at least slow things down for a while.
There is nothing due today regarding the CAD. Concerning the USD, there will be a release of Unemployment Claims and Philly Fed Manufacturing Index data at 1:30pm London time.