USD/CAD Signal Update
Last Thursday’s signals produced a profitable short trade entry following the bearish outside bar on the H1 chart rejecting the given resistance level at 1.2760, but it was only good for about 20 pips of profit.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be made between 8am London time and 5pm New York time today only.
Long Trade 1
Long entry after bullish price action on the H1 time frame following the next touch of 1.2752.
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 Trades
Short entry after bearish price action on the H1 time frame following the next touch of 1.2836 or 1.2880.
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
This pair had been in a strong long and short term bearish trend which slowed last week before reversing with some fairly strong and dramatic buying last Friday. This pushed the price up past a few likely resistance levels and although the move may have tapered off now, it is still probably worthwhile being very cautious about taking any short trades just yet.
There is nothing due today concerning either the CAD or the USD