USD/CAD Signal Update
Last Thursday’s signals were just a pip shy of giving a short trade off anticipated resistance at 1.2750.
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 Trades
Go long after bullish price action on the H1 time frame following the next touch of 1.2592 or 1.2511.
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
The long-term downwards trend is still very much present, but we see the price unable to really make any new lows, with support just below 1.2600 holding fast for a while. It looks as if the price might chop around for a while, but any pullback to 1.2750 still looks like providing a tempting opportunity to search for a short trade entry.
There is nothing due today regarding either the CAD or the USD.