USD/CAD Signal Update
Yesterday’s signals produced a profitable short trade following the bearish outside candle which rejected the resistance level identified at 1.3500.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered before 5pm New York time today only.
Long Trade 1
Go long after the next bullish price action rejection following a first touch of 1.3362.
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.
Adjust 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Short Trade 1
Go short after the next bearish price action rejection following a first touch of 1.3500.
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
I wrote yesterday that this pair is very hard to predict and still tends to be moved around by changes in the price of crude oil. The level at 1.3500 proved to be very clear resistance and the short-term trend does appear to be downwards. However, it looks as if there will be more buying the closer we get to 1.3362.
The pair is still hard to predict.
There is nothing due today regarding the CAD. Concerning the USD, there will be a release of Building Permits, CPI, Unemployment Claims and Philly Fed Manufacturing Index data at 1:30pm London time, followed by the Chair of the Federal Reserve testifying before Congress about the economic outlook later at 3pm