USD/CAD Signal Update
Yesterday’s signals were not triggered as none of the key levels were reached.
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
This pair remains completely range bound, not only in between two levels but almost exactly between them, and about a typical day’s range away from each. Therefore it is very hard to say what is going to happen next. There are key items due later today and of course the FOMC Statement tomorrow and these events are certainly going to determine what will happen next.
Regarding the USD, there will be a release of Core Durable Goods Orders data at 1:30pm London time, followed later by CB Consumer Confidence data at 3pm. Concerning the CAD, there will be speeches by the Governor of the Bank of Canada at 1:55pm and 2:50pm.