USD/CAD Signal Update
Last Thursday’s signals were not triggered and expired.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered before 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 1.2900, 1.2943, or 1.3000.
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 has been coming down quite heavily but at the time of writing is sitting on a minor support level which might push the price back up. It seems that the pair is following a risk price model i.e. risk on it goes up, risk off it goes down. So to a large extent it will hinge on the British vote Thursday and how the market sees that as likely to go.
We are quite far from any good levels that are likely to hold the price: the nearest and most likely to be hit levels are above which could give good shorting opportunities.
There is nothing due today concerning either the CAD or the USD.