USD/CAD Signal Update
Yesterday’s signals were not triggered.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered before 5pm New York time today only.
Long Trades
Go long after bullish price action on the H1 time frame following the next touch of 1.3000 or 1.2880.
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.
Short Trade 1
Go short after bearish price action on the H1 time frame following the next touch of 1.3133.
Put the stop loss 1 pip above the local swing high.
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 picture continues to be confusing. It was looking yesterday as if the recent upwards movement was starting to resume with some strong bullishness in the wake of high-impact news. However later on the price printed a new resistance level at 1.3133 and sold off from there quite heavily. The price is now right in the middle of two key levels.
The longer-term bias still 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 remains a hard pair to judge right now.
There is nothing due today concerning the CAD. Regarding the USD, there will be a release of ISM Manufacturing data at 3pm London time.