USD/CAD Signal Update
Last Thursday’s signals were not triggered and expired.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered before 5pm New York time today only.
Long Trade 1
Go long after bullish price action on the H1 time frame following the next touch of 1.3000.
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.
USD/CAD Analysis
The Bank of Canada’s report last week had the effect of strengthening the Canadian Dollar somewhat after a prolonged period of relative weakness. However since then, it has again weakened, and it is starting to look as if the long-term bearish trend has reversed. The price broke up past the crucial 1.3000 level which has become support, and Friday’s high of 1.3068 has also been broken during the first Asian session of this week which has been surprisingly active, indicating the 1.3068 may also begin acting as support. However it is probably a little too early to start relying upon this level.
There is no key resistance below 1.3400 so the price would seem to have some clear air to move upwards through.
There is nothing due today concerning either the CAD or the USD. It is a public holiday in both London and New York.