USD/CAD Signal Update
Yesterday’s signals expired without being triggered.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered between 8am and 5pm New York times today.
Long Trade 1
Long entry after bullish price action on the H1 time frame immediately following the next touch of 1.3005.
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
Go short after bearish price action on the H1 time frame following the next touch of 1.3123, especially if the touch is confluent with the shorter-term trend line.
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.
Short Trade 2
Go short after bearish price action on the H1 time frame following the next touch of the bearish trend line currently sitting at around 1.3200.
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 price has been falling off since its recent peak close to 1.3200. It looks as if the long-term bearish trend is reasserting itself and that the price is readying for another break below 1.3000. Everything will probably depend upon whether the support at 1.3005 holds or not. If it does, there are some attractive shorting opportunities above, especially if we get a confluence of a new trend line being established at 1.3123.
Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time. There is nothing due today concerning the CAD.