USD/CAD Signal Update
Yesterday’s signals were not triggered as there was no bullish price action at 1.3135.
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 entry into the zone between of 1.3035 and 1.3000.
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 1.3138.
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 we had a break below the support at 1.3135 and then a pullback before another move down, with that level becoming flipped from support to resistance. The exact level now is 3 pips higher, at 1.3138.
It looks as if the price is moving down for another test of the very supportive area just above 1.3000. Without wanting to make any assumptions, if this area is reached and there is a bullish bounce it could be a great opportunity to go long. The big round number there is psychologically important.
There is no long-term trend established here, the action overall in this pair is fairly choppy.
There is nothing of high importance due today concerning the CAD. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.