USD/CAD Signal Update
Yesterday’s signals were not triggered as none of the key levels were reached.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered between 8am and 5pm London time today only.
Long Trade 1
Long entry after bullish price action on the H1 time frame following the next touch of 1.3022.
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 Trades
Go short after bearish price action on the H1 time frame following the next touch of 1.3138 or 1.3241.
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
With yesterday’s continuing healthy rise in the U.S. Dollar, this pair was one of the major gainers of the day, but the rise seems to have run out of steam now. This slowdown is suggestive that we may get a tradeable bearish reversal off the next resistance level, but it is very unlikely we will hit 1.3138 until after this afternoon’s key news releases due for both currencies within this pair.
Below I see new potential support at 1.3022.
Concerning the CAD, there will be a release of GDP data at 1:30pm London time. Regarding the USD, there will be a release of the ADP Non-Farm Employment Change data at 1:15pm, followed by Crude Oil Inventories at 3pm.