USD/CAD Signal Update
Yesterday’s signals expired without being triggered as none of the crucial price levels were hit.
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.
Short Trade 1
Short entry after bearish price action on the H1 time frame following the next touch of 1.3133.
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
One look at the chart below reveals that the price is really in the middle of a perfect consolidation, just dying out in the middle of no-man’s land. As such there is little to do until the picture gets more active. There are going to be better opportunities elsewhere today.
There is nothing due today concerning the CAD. Regarding the USD, there will be a release of the ADP Non-Farm Employment Change at 1:15pm London time, followed by Unemployment Claims data at 1:30pm and Crude Oil Inventories at 4pm.