USD/CAD Signal Update
Last Thursday’s signals may have produced a profitable long trade following the bullish rejection of the support level identified at 1.3138, marked by the green up arrow in the chart below. The obvious place to take profit would have been the resistance level at 1.3241.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered between 8am London time and 5pm New York time today only.
Long Trades
Long entry after bullish price action on the H1 time frame following the next touch of 1.3138 or 1.3100.
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 Trade 1
Short entry after bearish price action on the H1 time frame following the next touch of 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
There has actually been no major change here: both the levels of support and resistance which have been reached have held and produced reversals.
This pair is beginning to look exciting for USD bulls as it is beginning to threaten to break bullishly out of its long-term range. The resistance level at 1.3241 is very key. A break above there would be a very bullish sign and could see the price reach 1.3400 quite quickly as there are no more key resistance levels until that number.
There is nothing due today concerning either the CAD or the USD.