USD/CAD Signal Update
Yesterday’s signals produced a losing short trade following the bearish pin candle rejection of the resistance level identified at 1.3491.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered before 5pm London time today.
Long Trade 1
* Go long after the next bullish price action rejection following a first entry into the zone between 1.3465.
* 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 Trades
* Go short after the next bearish price action rejection following a first touch of 1.3540 or 1.3563.
* 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
Yesterday saw this pair rise along with the bullish USD movement, like most others. The rise was not as strong as it was against most other currencies, which underlines the Loonie’s relative strength over recent weeks.
Technically, the picture is a little difficult, with broad swings within a ranging environment. It seems to make more sense to look at highs and lows of these ranges for opportunities both short and long, but for movement, there are certainly better opportunities elsewhere.
There is nothing due today concerning either the CAD or the USD. It is a public holiday today in the U.S.A.