USD/CAD Signal Update
Last Thursday’s signals were not triggered as there was no bearish price action at 1.3500.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be taken between 8am and 5pm New York time today.
Long Trades
Long entry after the next bullish price action rejection following a first touch of 1.3400 or 1.3362.
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 1.3491.
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 pair remains very difficult to predict. Overall, the CAD has held up very well against the USD over the past week or so, even while the USD has been very strong, so the price has been ranging but there are definite price swings within the range so it is tradable.
What stands out on the chart are the nearest round numbers: the area around 1.3500 has been a pivotal point in both directions recently, and 1.3400 looks likely to be supportive also.
There is nothing due today concerning either the CAD or the USD.