USD/CAD Signal Update
Yesterday’s signals were not triggered.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be taken between 8am London time and 5pm New York time today.
Long Trades
Long entry after bullish price action on the H1 time frame following the next touch of 1.3078 or 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.
USD/CAD Analysis
While the USD is relatively bullish generally, the CAD continues to be more or less the weakest currency around. In fact the CAD/JPY currency cross has been the start of the show this week, with the JPY being somewhat stronger than the USD.
This gives a very bullish outlook on this pair. We see technically, as I pointed out yesterday, that the new support levels that are being formed really look solid and are holding the price the way that a strong dam holds water. This situation continues and there is no obvious overhead resistance until 1.3400, so the price looks to have an easy ride up.
There could be minor support giving a possible aggressive entry at 1.3125, which is well within reach of the current price as at the time of writing.
There are no high-impact events due today concerning either the CAD or the USD.