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 Trade 1
Go long after bullish price action on the H1 time frame following the next touch of 1.2752.
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 Trades
Go short after bearish price action on the H1 time frame following the next touch of 1.2900, 1.2943, or 1.3000.
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
The price continues to broadly fall as the price of Crude Oil is rising strongly in line with greater bullishness in global markets. However the price is not far from $50 per barrel which might be hard resistance to overcome, so further near-term downside in this pair could be limited.
There is nothing due today concerning the CAD. Regarding the USD, the Chair of the Federal Reserve will be testifying before Congress at 3pm London time, followed later by FOMC Member Powell speaking at 7:30pm.