USD/CAD Signal Update
Yesterday’s signals produced a winning long trade from the break of the bullish engulfing candle rejecting the identified support level at 1.2752. It gave a maximum of about 50 pips before falling back.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may be taken between 8am London time and 5pm New York time today only.
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
I wrote yesterday that “It looks as if opportunities will be limited here unless the price takes a tumble to 1.2752 and then reacts bullishly, which would create a tempting opportunity to go long, especially if “risk-on” sentiment emerges again in the market soon.”
This is exactly what happened.
All the key levels are still intact, so nothing has changed
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There is nothing due concerning the CAD. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.