USD/CAD Signal Update
Yesterday’s signals were not triggered as the bullish price action took place a little below the support level identified at 1.3400.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be taken between 8am and 5pm New York time today.
Long Trades
* Long entry after the next bullish price action rejection following a first entry into the zone between 1.3386 and 1.3361.
* 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 the next bearish price action rejection following a first touch of 1.3491.
* 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
Yesterday saw a dip down below the major support level at 1.3400, from where the price rebounded strongly. It seems we need to see the whole area where these moves have originated from as a demand zone, so any dip below 1.3386 should be good for a long trade.
Over the medium-term, the price is making a slow downward trend, which shows just how strong the Canadian Dollar has been against the U.S. Dollar lately, which stands out against the weakness of other currencies.
There is nothing due today regarding the CAD. Concerning the USD, there will be releases of Core Durable Goods Orders and Unemployment Claims data at 1:30pm London time, followed later by Crude Oil Inventories at 3:30pm and FOMC Meeting Minutes at 7pm.