USD/CAD Signal Update
Yesterday’s signals expired without being triggered.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be taken before 5pm New York time today only.
Protect any open trade by 6:30pm London time.
Long Trades
Long entry after bullish price action on the H1 time frame following the next touch of the bullish trend line at around 1.3150 or 1.3072.
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
Yesterday began in a very bullish way for this pair. However we had a double top form at 1.3240 which then precipitated a drop down to below the anticipated support level at 1.3185. There is even some evidence that this level is now being used as resistance. It is quite probable that by the time of publication, the price will again be established above this level, so it will need to be erased. The bullish trend line in the chart below may prove to be more reliable.
The line of least resistance still looks to be upwards
.
There is nothing due today concerning the CAD. Regarding the USD, there will be a release of Core Durable Goods Orders data at 1:30pm London time, followed by Crude Oil Inventories at 3:30pm, ending with the FOMC Statement and Federal Funds Rate at 7pm.