USD/CAD Signal Update
Yesterday’s signals were not triggered as the bearish price action took place a little above the resistance level identified at 1.3465.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be taken between 8am and 5pm London time today.
Long Trades
Long entry after the next bullish price action rejection following a first touch of 1.3400 or 1.3386.
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 Trades
Short entry after the next bearish price action rejection following a first touch of 1.3500 or 1.3540.
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 price is right in the middle of forming a consolidating triangle. It feels like the breakout will eventually come to the upside, but I am not confident of that. There is lots of support and resistance nearby, making the price direction very hard to predict.
There is nothing due today regarding the CAD. Concerning the USD, there will be a release of the ADP Non-Farm Employment Change at 1:15pm London time, followed later by Crude Oil Inventories at 3:30pm.