USD/CAD Signal Update
Yesterday’s signals triggered a short trade off the pin candle rejecting the identified resistance level at 1.3134. Finally the trade is moving into profit at the time of writing, and is ongoing.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be entered 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 1.2972 or 1.2916.
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 Trade 1
Go short after bearish price action on the H1 time frame following the next touch of 1.3134, if not already in this trade.
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 “a sustained break up above 1.3134 would be really significant. For that reason, it’s a good level to watch for a potential short entry.” What we have seen is a rejection of that level and what looks to be the beginning of a move down. There is no key support before 1.2972 so there is a lot of room to move. However the area at around 1.3050 to 1.3020 looks as if it could be supportive so I would not expect a clean move down through there to happen.
There is nothing due today concerning either the CAD or the USD.