USD/CAD Signal Update
Yesterday’s signals produced a long trade following the bullish pin candle rejection of the support level at 1.3500 but it only made the minimum of 20 pips of profit.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be taken between 8am London time and 5pm New York time today.
Long Trade 1
Long entry after the next bullish price action rejection following a first touch of 1.3363.
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 1.3500 or 1.3500.
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 CAD was surprisingly strong yesterday, although the USD managed to rise by a fair amount against the Japanese Yen and Swiss Franc, here there was an oil-driven price recovery in the CAD.
The long-term trend is still upwards, but we have recently broken another support level.
I see this pair as hard to predict now especially with major news due for both currencies later today and as I wrote yesterday, it is still likely that the better opportunities will come with other currency pairs.
Regarding the CAD, there will be a release of Manufacturing Sales data at 1:30pm London time. Concerning the USD, there will be a release of PPI data also at 1:30pm, followed by Crude Oil Inventories later at 3:30pm.