USD/CAD Signal Update
Last Thursday’s signals were not triggered.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be taken from 8am until 5pm New York time today.
Long Trade 1
Long entry after bullish price action on the H1 time frame following the next touch of 1.2750.
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
Short entry after bearish price action on the H1 time frame following the next touch of 1.3005 or 1.3123.
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
There is still a lot of bullish momentum following last week’s explosive upwards move in this pair. However it is definitely slowing, and the price is currently trading down on last night’s weekly open. I would be extremely careful about taking any shorts until at least the key psychological level of 1.3000 has been reached.
There are no high-impact events due today concerning either the CAD or the USD.