USD/CAD Signal Update
Yesterday’s signals were not triggered.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be entered between 8am and 5pm New York time today.
Long Trades
Go long after bullish price action on the H1 time frame following the next touch of 1.3185 or 1.3072.
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
Go short after bearish price action on the H1 time frame following the next touch of 1.3400.
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
There is no end to the bullishness in sight, with another strong move up yesterday. We are still a long way from the nearest resistant area which begins at around 1.3400. At the time of writing we may be establishing a bullish bounce off new support at 1.3185 but this may not be relevant by the time of publication so examine a live chart carefully regarding that.
There is nothing due today concerning the CAD. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time.