USD/CAD Signal Update
Last Thursday’s signals were not triggered as there was insufficiently bearish price action at the identified resistance level of 1.3400 during that session.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered between 8am and 5pm New York time today only.
Long Trade 1
Go long after the next bullish price action rejection following a first touch of 1.3216.
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.
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.
Short Trade 1
Go short after the next bearish price action rejection following a first touch of the trend line shown in the chart at about 1.3475.
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
We have seen renewed strength in the USD over recent hours as Clinton’s small poll lead is holding up, and as the FBI have announced that they have effectively cleared her in their most recent investigation.
However, it is notable that the USD is rising much more strongly against haven currencies than against the Canadian Dollar. Despite the long-term bullish trend here and new multi-month high prices, the price has struggled to get above the 1.3400 level.
It might be that an eventual bullish move will be very strong, as it has been a long time in coming, but it must remain in doubt due to the very strong selling above 1.3400..jpg "USDCAD")
There is nothing due today regarding either the CAD or the USD