USD/CAD Signal Update
Yesterday’s signals were not triggered as neither of the key levels were ever reached.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered before 5pm London time today only.
Long Trades
* Go long after the next bullish price action rejection following a first touch of 1.3420, 1.3400 or 1.3386.
* 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 1.3465, 1.3500 or 1.3540.
* 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
The chart is getting more crowded, with additional key support and resistance levels forming. There is no true trend, the price is ranging, and even the significant recent bullishness in the USD has been unable to get this pair to really get established beyond 1.3500. The environment suggests this pair is going to be difficult to predict and will produce only conservative profit targets, but many of the key levels look solid, especially where they are confluent with round numbers.
There is nothing due today regarding the CAD. Concerning the USD, there will be a release of Preliminary GDP data at 1:30pm London time, followed later by CB Consumer Confidence at 3pm.