USD/CAD Signal Update
Yesterday’s signals were not triggered as neither of the key levels were ever reached.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades may only be taken from 8am to 5pm New York time today.
Long Trades
Long entry after the next bullish price action rejection following a first touch of 1.3362 or 1.3216.
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 the trend line shown in the chart at about 1.3417.
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
This pair is looking interesting as it has been flattening out in this area for quite a while now, despite being in a clear long-term bullish trend and being very close to its multi-month highs which were made only a few days ago.
We have “Quasimodo” support and resistance as well, forming at levels separated by only about 30 pips. The support looks more promising than the resistance, which suggests to me that this pair is more likely to see its next meaningful move as up rather than down. This meshes with my expectation of a Clinton victory in the U.S. Presidential Election today, which would be bullish for the greenback.
There is nothing due today regarding either the CAD, or the USD, until the Presidential Election results later.