USD/CAD Signal Update
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be taken between 8am London time and 5pm New York time today.
Long Trade 1
Go long after bullish price action on the H1 time frame following the next touch of 1.3140.
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 1.3235.
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
I have really zoomed out in the hourly chart below to try to give a clear picture of how the outlook technically for this pair has to remain bullish, although the price is showing a reluctance to really break out and get going. The supportive trend line survives, and we have printed a new “Quasimodo” support level at 1.3186. The obstacle is really the round number at 1.3300.
It might take a while for this to get going, but the most likely outcome is a further rise to at least 1.3400.
There is nothing due today regarding the CAD. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time, followed by Crude Oil Inventories at 4pm.