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 Trade 1
Go long after bullish price action on the H1 time frame following the next touch of the bullish trend line currently sitting at around 1.3375.
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 1.3500.
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
It is interesting that the fall in the U.S. Dollar which occurred at the end of last week made itself felt in every USD currency pair except this one. However, it must be said that the bullish semi-channel the price is now in, supported by the trend line below, looks a little thin and prone to breaking, although the action so far since this week’s open looks quite healthy. A continued movement up to 1.3500 now looks to be more probable than a fall, but a break of the supportive trend line could produce a violent downwards movement.
It seems that 1.3400 is no longer in play after having been defended by bears for some time.
There is nothing due today regarding either the CAD or the USD.