USD/CAD Signal Update
Yesterday’s signals were not triggered as the price never quite reached 1.2511.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be taken from 8am to 5pm New York time today.
Long Trade 1
Long entry after bullish price action on the H1 time frame following the next touch of 1.2423.
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 1.2600.
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 strong downwards in-trend move continues, as at the time of writing the price is finally breaking below the psychologically key round number of 1.2500. The level just above that price did provide support for a while and would not crack yesterday, but it seems as if it has gone, and it may even now flip to become new resistance. Therefore it may be possible to look for short entries at 1.2500 or 1.2550.
The next level at which to look for support is 1.2423 but the overall picture is very bearish, especially as the price of crude oil now looks to be rising again.
Regarding the CAD, there will be a speech by the Governor of the Bank of Canada at 5:30pm London time. There is nothing due today concerning the USD.