USD/CAD Signal Update
Yesterday’s signals expired without being 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 1.2900.
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 was wrong yesterday as seeing this pair as unlikely to go anywhere, as well as in seeing 1.3133 as more likely to be breached before 1.2943. In fact the price did reach and get below 1.2943 during the Asian session, and it looks to have acted as a good support level, with the price turning around and beginning to rise with bullish conviction.
It looks as if a new upwards swing is underway that might go all the way to 1.3133.
Concerning the CAD, there will be a release of GDP data at 1:30pm London time. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm. FOMC Member Bullard will be speaking at 6:30pm.