USD/CAD Signal Update
Yesterday’s signals were not triggered as although the resistance level at 1.3080 was reached, the bearish price action that occurred too place too high for it to be a valid short trade entry signal.
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
Go long after bullish price action on the H1 time frame following the next touch of 1.2943 or 1.2900.
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 1.3080 or 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
I wrote yesterday 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. We have certainly had a reversal from an area very close to that second level, but it seems that sentiment is still very fearful in the wake of Brexit, so it is hard to see that Canadian Dollar picking up very strongly within the current environment.
There is nothing due concerning the CAD. Regarding the USD, there will be a release of Final GDP data at 1:30pm London time, followed later by CB Consumer Confidence at 3pm.