USD/CAD Signal Update
Yesterday’s signals were not triggered as none of the key price levels were reached.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be taken before 5pm London time today.
Long Trades
Go long after bullish price action on the H1 time frame following the next touch of 1.2958 or 1.2850.
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
Yesterday was a fairly quiet day in the market as can be expected for an August Monday with no major news scheduled. However, sentiment has held positive on the USD and that has moved the price of this pair up a little. The hourly chart below shows more buying at and just above the psychologically interesting 1.3000 level. The line of least resistance certainly points upwards at the present time.
There is nothing due today concerning the CAD. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time.