USD/CAD Signal Update
Yesterday’s signals were not triggered.
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 1.2972, 1.2916, 1.2871.
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
Short entry after bearish price action on the H1 time frame following the next touch of 1.3133.
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
This pair rose sharply over the previous 24 hours as fears over global growth and falling stock markets suggest there will be a further weakening in the price of Crude Oil, which in turn drives down the Canadian Dollar.
The long-term downwards trend has now been called into question, with the price at a higher level than it was 3 months ago.
The upwards move is still capped by resistance at 1.3133. A break above here would be very significant.
There are new support levels below that are likely to produce bullish bounces, especially 1.2972.
Concerning the CAD, there will be a release of Trade Balance data at 1:30pm London time. Regarding the USD, there will be a release of ISM Non-Manufacturing PMI data at 3pm followed by the FOMC Meeting Minutes at 7pm.