USD/CAD Signal Update
Yesterday’s signals were not triggered as none of the key levels were ever reached.
Today’s USD/CAD Signals
Risk 0.75% per trade.
Trades must be entered before 5pm New York time today.
Long Trades
* Go long after the next bullish price action rejection following a first touch of 1.3397 or 1.3316.
* Put 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
* Go short after the next bearish price action rejection following a first touch of 1.3461, 1.3477 or 1.3515.
* Put 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 level at 1.3398 looks as if it has flipped to become support again.
This pair is standing out from all the other USD pairs, as it is the only one where the USD continues to make highs, i.e. the only one where the trend is still going quite strong.
I am cautiously long-term bullish on this pair, but there are several resistance levels bunched quite close together not far above the current price. This area is also confluent with a natural psychological barrier at 1.3500.
Regarding the CAD, there will be releases of Core Retail Sales and CPI data at 1:30pm London time. Concerning the USD, there will be releases of Core Durable Goods Orders, Final GDP and Unemployment Claims data also at 1:30pm London time.