USD/CAD Signal Update
Yesterday’s signals produced a profitable long trade following the bullish break of the hourly doji candle which rejected the identified support level at 1.3140.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered before 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 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
Last week closed with this pair looking very bullish, however yesterday I did see this as fairly shaky and worth some watchful waiting. As it happened the price took a bearish turn, but found support at the key resistance level of 1.3140 which could have given a good long trade opportunity.
The overall picture is still reasonably bullish as long as the supportive trend line holds, however despite the USD strength the price just does not seem to want to take off.
The price is at resistance right now as at the time of writing, but I would look instead to a higher resistance level for shorting opportunities, at 1.3235.
If the price does break up and go and make new highs above 1.3300, that would be a very bullish sign.
There is nothing due today regarding either the CAD or the USD