USD/CAD Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 1.2986.
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 1.2919 or 1.2860.
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 1.3021 or 1.3084.
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 USD is generally strong everywhere and this pair is no exception despite there being arguably still a long-term bearish trend. In any case, the price has tended to bounce between support and resistance levels, which seem to be becoming more congested: there are several fairly nearby.
The buying is stronger than the selling right now, but the chart suggests continued choppy action between key levels. A break up above 1.3134 would be very bullish.
There is nothing due today concerning the CAD. Regarding the USD, there will be a release of Building Permits data at 1:30pm London time.