USD/CAD Signal Update
Yesterday’s signals were not triggered as there was no bullish price action at 1.3386.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered before 5pm London time today only.
Long Trade 1
* Go long after the next bullish price action rejection following a first touch of 1.3362.
* 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 1.3465.
* 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
The Canadian Dollar strengthened a lot yesterday following the sharp and strong rise in Crude Oil, despite the concurrent strength of the U.S. Dollar.
Despite this, the pair seems very difficult to predict presently, although the support level at 1.3362 seems strong.
There is nothing due today regarding the CAD. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time, followed later by ISM Manufacturing PMI at 3pm.