USD/CAD Signal Update
Last Thursday’s signals were not triggered as there was no bullish price action at 1.2916 or 1.2891.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be taken 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 1.2860 or 1.2919.
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 Trade 1
Short entry after bearish price action on the H1 time frame following the next touch of 1.2986.
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
Although this pair is back in what is technically a long-term downwards trend, it is finding quite a lot of support below 1.2900, making trading a support and resistance game for the time being. This is actually quite exciting as the swings this pair makes tend to be quite large, and with several good horizontal levels available (see the chart below), it makes for some good opportunities. There is probably more long-term potential in short trades.
The resistance at 1.2985 looks especially strong. There may be minor resistance at around 1.2975.
There is nothing due today concerning either the CAD or the USD.