USD/CAD Signal Update
Yesterday’s signals were not triggered as there was no adequately bearish price action at 1.2935.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be taken between 8am and 5pm New York time today.
Long Trades
Go long after bullish price action on the H1 time frame following the next touch of 1.2850, 1.2812, 1.2788 or 1.2752.
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 1.3000.
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 is fairly difficult to trade at the moment and the market is quiet anyway. It seems that there is resistance which grows the closer the price gets to 1.3000, so a move down looks to be the line of least resistance at the present time.
There is nothing due today concerning the CAD. Regarding the USD, there will be a release of Core Durable Goods Orders and Unemployment Claims data at 1:30pm London time.