USD/CAD Signal Update
Yesterday’s signals were not triggered as the bullish price action occurred below 1.2972.
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 only.
Long Trades
Go long after bullish price action on the H1 time frame following the next touch of 1.2891 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 1.2986.
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
The Canadian Dollar strengthened yesterday as the Bank of Canada in its monthly statement left its interest rate unchanged. This led to the price of this pair falling quite sharply, and flipping what was previously support at around 1.2970 to a new resistance level a few pips higher, which is a bearish sign. However as at the time of writing, the price is finding support at the old support level of 1.2916.
A longer-term chart shows a somewhat confused and choppy picture, although technically we are back in a long-term bearish trend.
There is nothing due today concerning the CAD. Regarding the USD, there will be a release of PPI and Unemployment Claims data at 1:30pm London time.