USD/CAD Signal Update
Yesterday’s signals produced a profitable long trade from the bounce at the support level and bullish trend line at 1.3375, but anything still on the table should be closed out by now as the trend is starting to look very precarious.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be taken before 5pm New York time today.
Long Trade 1
No long trades today.
Short Trade 1
Go short after bearish price action on the H1 time frame following a break below the supportive trend line currently sitting at about 1.3392 and a bearish failed test of it from below.
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
The bullish trend and supportive trend line hold, but only just, and it is starting to look and feel as if bulls are skating on thin ice. The price may go higher but it feels as if it is going to come crashing down and fall quite a long way.
As there are major news releases scheduled later today for both sides of this currency pair, anything could happen, and it is probable that nothing much will happen before the New York open.
Regarding the CAD, there will be a release of GDP data at 12:30pm London time. Concerning the USD, there will be a release ISM Manufacturing PMI data at 2pm.