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 1.3000 or 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.
USD/CAD Analysis
The picture is fairly confusing. The tentative support yesterday at 1.3068 has been destroyed and instead we have a new inflection at 1.3092 which has also been previously supportive so I am comfortable calling that as a resistance level. Therefore we are currently trapped between that and the support at 1.3000.
The longer-term bias has to be called as bullish, so the odds are probably better for longs than shorts, although in the very long-term the price is still at the lower end of a bearish range.
This is a hard pair to judge right now. We may get some more clarity later today as there is high-impact news due for both sides.
Concerning the CAD, there will be a release of GDP data at 1:30pm London time. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm.