USD/CAD Signal Update
Last Thursday’s signals were not triggered as there was no bearish price action at 1.3084.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be taken before 5pm New York time today only.
Long Trades
Long entry after bullish price action on the H1 time frame following the next touch of 1.3072, 1.3019 or 1.2919.
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
Short entry after bearish price action on the H1 time frame following the next touch of 1.3400.
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
This pair looks much more bullish now. I have been saying for a while that if 1.3134 is broken then it will be a very bullish sign and this has now happened. There are no key resistance levels in the way of the price until 1.3400.
The chart below shows we are in a fairly symmetrical bullish channel, which is quite rare for this pair, with lots of support levels having been printed below.
The long-term trend is still uncertain, but above 1.3200 the price will be making new 4 month highs, suggesting some bullish blue sky effect is possible.
There is nothing due today concerning either the CAD or the USD.