USD/CAD Signal Update
Yesterday’s signals produced a losing long trade following the bullish bounce off the anticipated support level at 1.3078.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be taken before 5pm New York time today.
Long Trade 1
Long entry after bullish price action on the H1 time frame following the next touch of 1.2880.
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 Trades
Go short after bearish price action on the H1 time frame following the next touch of 1.3010 or 1.3078.
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 Bank of Canada’s report yesterday had the effect of strengthening the Canadian Dollar somewhat after a prolonged period of relative weakness. It seemed during the first hour or two that the support at 1.3078 would hold, but after London closed the pair really turned down and the price was not held by that level or even by the support close to the key psychological level at 1.3000, which we are now trading below.
It is a little too early to really call a resumption of the previous long-term bearish trend.
There is nothing due today concerning the CAD. Regarding the USD, there will be a release of Core Durable Goods Orders and Unemployment Claims data at 1:30pm London time