USD/CAD Signal Update
Yesterday’s signals were not triggered as the price never reached 1.3100.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be taken before 5pm New York time today.
Long Trades
Go long after bullish price action on the H1 time frame following the next touch of 1.3138 or 1.3100.
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 1.3241.
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
Unfortunately, I did not think the flipped level at 1.3138 was going to be good support just yet, however it did act as a good floor and gave an opportunity for another profitable long trade.
This pair continues to look bullish but is approaching a key resistance level at 1.3241.
There is finally going to be some key U.S. data released around the New York opening time today which could either push the price up past this resistance and then give a clear run all the way up to the next level way above at 1.3400, or alternatively, provide a catalyst for a bearish reversal off the resistance at 1.3241.
There is nothing due today concerning the CAD. Regarding the USD, there will be a release of Retail Sales, PPI and Philly Fed Manufacturing Index data at 1:30pm London time.