USD/CAD Signal Update
Yesterday’s signals were not triggered.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered between 8am 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 or 1.2919.
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
This pair remains the only one that is really moving in tune with its long-term trend. In this case it is a bearish trend. The price has come very close during recent hours to the key support at 1.2592 which is also the recent swing low. The price action at the moment suggests that the price is moving up from here and is going to make some kind of pullback.
It is quite likely that the key levels will hold until the FOMC release due later. If the release is dovish for the U.S. Dollar, we can expect this pair to move down strongly.
Regarding the USD, there will be a release of Crude Oil Inventories at 3:30pm London time, followed later by the FOMC Statement and Federal Funds Rate at 7pm. There is nothing due concerning the CAD.