USD/CAD Signal Update
Yesterday’s signals were not triggered as the bullish price action was initiated below the anticipated support level of 1.2750.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered from 8am London time to 5pm New York time today only.
Long Trades
Long entry after bullish price action on the H1 time frame following the next touch of 1.2700 or 1.2600.
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 1.2760 or 1.2800.
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
The strong bearish trend continues, with the price invalidating the anticipated support at the key psychological number of 1.2750. There is little high-impact news due today so the trend is likely to continue. However Crude Oil is a bigger factor than most affecting this pair so a big surprise in the inventories data could cause a change in movement.
The price has carved out a new resistance level above at 1.2760.
There is nothing due today concerning the CAD. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.