USD/CAD Signal Update
Yesterday’s signals were not triggered as there was no bullish price action when the price reached 1.3216.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered before 5pm New York time today only.
Long Trades
Go long after the next bullish price action rejection following a first touch of 1.3362 or 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 1.3500.
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
Donald Trump has pulled off a huge political upset victory and has been elected as the next President of the United States.
This has created great market turmoil, with stocks, the U.S. Dollar and risk assets generally falling sharply, while havens and the Euro have risen sharply.
Events have rocketed this pair up and down with a sharp increase in volatility but it is still within its long-term range and may be beginning to stabilize already. Although the volatility is huge, support and resistance are “working” and holding, with the resistance at the trend line near 1.3500 limiting the current move so far.
This pair looks very dangerous and unpredictable even by the standards of the wild swings going on in the market at present, so there are probably better opportunities elsewhere.
There is nothing due today regarding the CAD. Concerning the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.