USD/CAD Signal Update
Last Thursday’s signals may have given a profitable short trade following the H1 doji candle rejecting the identified resistance at 1.3138.
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 1.2850.
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 1.3022.
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
Following the double top last week at 1.3138 this pair has fallen very steadily on better than expected Canadian economic data and worse than expected U.S. data.
At the time of writing, the price is reaching an area of anticipated support at 1.2958 where it does seem to be bouncing bullishly at least a little. This could be the low of the day here but it is too early to tell with any kind of reliability.
There is nothing due today concerning either the CAD or the USD. It is a public holiday in the U.S.A.