USD/CAD Signal Update
Yesterday’s signals produced a profitable winning long trade off the bullish rejection of the support below at 1.3000. It would be wise to take enough profit to protect the trade if not done already.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may be entered between 8am London time and 5pm New York time today only.
Long Trade 1
Go long after bullish price action on the H1 time frame following the next entry into the zone between of 1.3035 and 1.3000.
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 1.3138.
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
We had a significant bullish reversal yesterday when the price reached the key level of 1.3000, as had been expected. The action has been fairly volatile. The thing to watch for now is another pullback followed by another upwards thrust, ideally below 1.3035. This could be the catalyst for more money to enter long positions, which could be the confirmation for a larger move all the way back up to 1.3138.
Alternatively, a real break below 1.3000 would be a very bearish sign.
There is nothing of high importance due today concerning the CAD. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.