USD/CAD Signal Update
Yesterday’s signals were not triggered as there was no bullish price action at 1.2860.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered 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 1.2752.
* 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 1.3000.
* 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
The downwards move continued yesterday before a strongly bullish V came into play off the round number at 1.2800. It is hard to identify and key flipping levels between 1.2752 and 1.3000 although there may be resistance at 1.2900.
Concerning the CAD, there will be a release of Manufacturing Sales data at 1:30pm London time. Regarding the USD, there will be releases of Building Permits and CPI numbers also at 1:30pm.