USD/CAD Signal Update
Yesterday’s signals were not triggered as the bearish price action took place above 1.3241.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be taken before 5pm New York time today.
Long Trades
Long entry after bullish price action on the H1 time frame following the next touch of 1.3121 or 1.3000.
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
Short entry 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
Over recent days I have been highlighting 1.3241 as a really crucial level. If the price manages to get above that level it looks like being a real bullish breakout, which could be an exciting opportunity. Yesterday the price did break up past it, but quickly reversed so the level holds without any true bullish breakout.
The level is still worth watching. The longer the price looks fairly bullish not far beneath it, the stronger any eventual bullish breakout should be.
There is nothing due regarding the CAD. Concerning the USD, there will be a release of CB Consumer Confidence data at 3pm London time.