USD/CAD Signal Update
Last Thursday’s signals were not triggered.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered before 5pm New York time today only.
Long Trades
Long entry after bullish price action on the H1 time frame following the next touch of 1.2943 or 1.2900.
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 1.3080 or 1.3133.
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
Following the British vote to leave the European Union, there are more fears for the global economy, and this has not helped the price of Crude Oil overall, which in turn has weakened the Canadian Dollar.
This pair is on the verge of the end of its long-term downwards trend if it can decisively break above 1.3134.
This suggests that the two closest key resistance levels are going to be not only crucial but possibly also give a lot of short pips if risk sentiment picks up.
There is nothing due concerning either the CAD or the USD.