USD/CAD Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 1.3021.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be taken before 5pm New York time today only.
Long Trade 1
Long entry after bullish price action on the H1 time frame following the next touch of 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 Trades
Short entry after bearish price action on the H1 time frame following the next touch of 1.3084 or 1.3134.
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 USD has remained strong and this pair is flowing upwards, although the movements are somewhat restrained as we are in an area with several key support and resistance levels and the long-term trend is indeterminate.
Nevertheless the bulls definitely have the upper hand now with another resistance level being broken down (although not clearly flipping), so it looks as if we are headed up to the next level at 1.3084.
The big test of the long-term trend is what happens if and when we next reach 1.3134.
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.